BREAKING NEWS: Yen Pressured as Vaccine Hopes Boost Risk Appetite

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BREAKING NEWS: Yen Pressured as Vaccine Hopes Boost Risk Appetite

TOKYO (Reuters) - The yen scraped back some losses against the U.S. dollar on Tuesday, after the safe currency took a drubbing on news of the development of a coronavirus vaccine which raised optimism of a global economic recovery.

U.S. drugmaker Pfizer Inc and German partner BioNTech SE said a large-scale clinical trial showed their vaccine was more than 90% effective in preventing COVID-19.

The yen edged higher to 105.07 against the dollar, after suffering its biggest loss overnight since March. It fetched 76.42 against the Australian dollar, having lost more than 2% overnight.

The Australian dollar steadied at $0.7275 against its U.S. counterpart after touching a seven-week high on Monday.

The euro stood little changed at 1.1819, having fallen more than 0.4% overnight.

Against a basket of currencies, the dollar held steady at 92.75, slightly above Monday's 10-week trough of 92.12.

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