Australia locks in coronavirus vaccine deal to produce Oxford University-AstraZeneca candidate if approved – ABC

The Aussie government does what’s needed to combat the coronavirus (COVID-19), securing the vaccine for the locals. The ABC News said, during the early Wednesday morning in Asia that, Australians are a step closer to accessing a COVID-19 vaccine for free after the Federal Government secured a major international deal to produce a vaccine frontrunner locally, should trials succeed.

Key quotes

Amid rising pressure to lock in a supply of a coronavirus vaccine, the Government has signed an agreement with UK-based drug company AstraZeneca to secure the potential COVID-19 vaccine developed by Oxford University, if its trials prove successful.

It means that if the Oxford University vaccine trial succeeds, Australia will receive its vaccine formula straight away and be allowed to manufacture it domestically.

Prime Minister Scott Morrison said if the vaccine succeeded, the Government would manufacture it immediately and make it free for all Australians.

The Oxford University vaccine has entered its third phase of trials, where it is tested on thousands of volunteers to confirm its effectiveness. It has been considered a frontrunner in the global race for a vaccine, which includes more than 160 candidates.

FX reaction

Following the news, AUD/USD extends the initial gains from 0.7237 to attack 0.7250 round-figures. However, souring relations between the US and China join the latest wildfires in California to guard the pair’s immediate upside.