Dollar turns higher, erases early losses

The US dollar erased its early losses on Monday, and held steadily against most currencies, amid focus on the latest developments in the coronavirus crisis and the US President-elect Joe Biden's administration.

News agencies reported that Biden had chosen his economic team, and pledged to restore the US economic strength and to help it recover from the pandemic.

The American company Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials, adding that it is also suitable for all age groups.

While AstraZeneca is facing some issues regarding its vaccine that it is developing in cooperation with the University of Oxford, amid doubts about its effectiveness and safety.

Coronavirus infections continued to rise in many countries, as the global death toll is now near 1.5 million victims.

The dollar index rose against a basket of major currencies by 0.1% to 91.8 points as of 19:27 GMT, after hitting a high of 91.9 points and a low of 91.5 points.