The US dollar fell against most major currencies on Monday, as investors focused on news about coronavirus vaccines, which improved the risk appetite in stocks and also metals.

The US company Pfizer announced today in cooperation with BioNTech that they are continuing the trails on their promising Covid-19 vaccines.

Pfizer stated that it may provide an effective vaccine for the US before the end of 2020, within major US companies efforts to speed up clinical trials for effective vaccines to eliminate the coronavirus pandemic.

The US Federal Reserve will start its monthly monetary policy meeting tomorrow, with strong bets for the Fed to keep the interest rate unchanged near zero.

Bearing in mind that Federal Reserve Chairman Jerome Powell stressed in many occasions the economy is going to need low interest rates for an extended period of time to support economic activity.

The dollar index fell against a basket of currencies by 0.3% to 93.07 points as of 19:35 GMT, after it hit a high of 93.3 and a low of 92.8.

Oil prices continued to drop on Monday, after OPEC extended its negative expectations for the global oil demand.

OPEC stated in its monthly report that the coronavirus crisis has sharply impacted oil demand, adding that it expects a drop in global demand by around 9.5 million barrels per day in 2020 compared to 2019.

OPEC also stressed that US oil production will recover partially next year.

Oil prices continued to slide during September due to forecasts of weak demand, which forced analysts to lower their expectations about WTI and Brent prices.

As of 18:07 GMT, WTI October futures at Nymex fell 0.3% to $37.2 a barrel, after hitting a high of $37.6 and a low of $36.8.

Brent November futures fell 0.2% to $39.7 a barrel, with a high of $40.09 and a low of $39.3.

Nickel prices rose on Monday, lifted by reports that the electric vehicles manufacturer "Tesla" is in talks to secure a nickel supply deal to use in manufacturing EV batteries.

Tesla started negotiations with the Canadian mining firm Giga Metals to secure its supply of low-carbon nickel.

Tesla CEO Elon Musk also said the company had already contacted other miners to increase its nickel supply.

Musk emphasized on various occasions that nickel is preferred because it is efficient and also environmentally friendly.

Giga Metals has attracted big buyers like Tesla by investing in giant mining projects, which increased its output to 5.2 billion pounds of nickel and 312 million pounds of cobalt.

Nickel spot futures rose 3.5% to $15,269 per tonne as of 14:51 GMT, after closing yesterday at $14,747.

The New Zealand dollar rose on Monday, on hopes about safe coronavirus vaccines.

New Zealand is one the fewest countries that has been able to contain the coronavirus spread, however fears a second wave of infections remain.

The global coronavirus death toll is now close to one million victims, after rising to 900,000 victims recently.

Pfizer announced that the clinical trails for its Covid-19 vaccine in cooperation with BioNTech is near the end.

Pfizer added that the US will be provided with an effective vaccine before the end of 2020, but did not mention a specific date.

Bearing in mind that a slew of big biotech firms are intensifying their efforts to develop effective Covid-19 vaccines.

As of 17:26 GMT, NZD/USD rose 0.6% to 0.6712, after hitting an intraday high of 0.6719, and a low of 0.6659.