The dollar is higher as risk-off positioning takes a grip in early European markets following news that Johnson & Johnson has hit the pause button on its Covid vaccine trial due to an “unexplained illness” in one of the participants. There are a plethora of other candidate vaccines at advanced trial stages, but the news nonetheless sparked a rush for cover. The S&P 500 E-mini is down 0.6%, while U.S. T-note and Bund yields have dipped. The USD index (DXY) lifted above Monday’s high in making a peak at 93.25, while EUR-USD concurrently ebbed to a four-day low at 1.1779.

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