Pfizer Inc announced that their experimental vaccine was during the trials more than 90% effective in preventing COVID-19. Pfizer and German partner BioNTech are the first which showed successful data from a large-scale (44,000) clinical trial of a coronavirus vaccine. Pfizer and BioNTech have a $1.95 billion contract with the U.S. government to deliver 100 million vaccine doses.
Deutsche Bank announced during the U.S election, that they had changed its view on the U.S dollar given an extremely uncertain U.S election outcome and no longer sees a "compelling narrative" for dollar weakness. The main reason of Deutsche Bank’s decision is an easing in expectations for another fiscal stimulus after the votes, the risk of a prolonged contested election result, and increasing of COVID-19 cases.
The massive selloff is the response of the huge increase of coronavirus cases and potential of second coronavirus wave. On the other side, safe have the American dollar can profit from the uncertainty. Second potential threat is the risk of delayed or contested election results which can raise VIX index (volatility index) and appreciate USD.