Kiwi extends gains on renewed Covid-19 vaccine hopes

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.