June 24, 2020 / 1:50 PM / 21 days ago

FOREX-Dollar gains on coronavirus, tariff concerns

    * Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E

 (Adds details, updates prices; changes byline, dateline;
previous LONDON)
    By Karen Brettell
    NEW YORK, June 24 (Reuters) - The dollar gained on Wednesday
as a rise in coronavirus cases in the United States weighed on
optimism about a quick economic recovery, and as the U.S.
weighed tariffs on European products.
    Arizona, California, Mississippi and Nevada on Tuesday
reported record numbers of new cases of COVID-19, the disease
caused by the novel coronavirus, while Texas set a record on
Monday.
    “The positive market mood during yesterday’s North American
session on economic rebound optimism stalled overnight as
concern may be building in overseas markets over rising COVID-19
case counts in the U.S.,” analysts at Scotiabank said in a
report.
    The coronavirus pandemic is causing wider and deeper damage
to economic activity than first thought, the International
Monetary Fund said on Wednesday, prompting the institution to
slash its 2020 global output forecasts further.
    Concerns about an increase tariffs also weighed on risk
sentiment, and boosted demand for the greenback.
    The United States is weighing its tariffs on European
products and is considering changing rates for various products
as part of the trading partners' aircraft dispute, according to
a notice by the Office of the U.S. Trade Representative on
Tuesday.
    The dollar index gained 0.33% to 96.45. It has fallen
from a three-year high of 102.99 in March.
    The euro fell 0.32% to $1.1270. It had reached a
one-week high of $1.1348 on Tuesday after data showed that a
downturn in the euro zone economy eased again this month.

    The greenback rose 0.19% to 106.71 Japanese yen. It
fell as low as 106.06 yen on Tuesday, the weakest since May 7.
    The New Zealand dollar underperformed after the country's
central bank said the balance of economic risks remains to the
downside and that it is prepared to use additional monetary
tools as necessary.
    The kiwi was last down 0.91% at $0.6430.
    
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    Currency bid prices at 9:36AM (1336 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1270        $1.1306     -0.32%         +0.54%      +1.1325     +1.1266
 Dollar/Yen       JPY=        106.7100       106.5100    +0.19%         -1.98%      +106.7900   +106.3900
 Euro/Yen         EURJPY=     120.26         120.46      -0.17%         -1.38%      +120.7400   +120.0500
 Dollar/Swiss     CHF=        0.9473         0.9445      +0.30%         -2.11%      +0.9480     +0.9434
 Sterling/Dollar  GBP=        1.2480         1.2518      -0.30%         -5.88%      +1.2542     +1.2467
 Dollar/Canadian  CAD=        1.3571         1.3545      +0.19%         +4.50%      +1.3596     +1.3527
 Australian/Doll  AUD=        0.6906         0.6929      -0.33%         -1.64%      +0.6961     +0.6897
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0677         1.0681      -0.04%         -1.61%      +1.0692     +1.0661
 Euro/Sterling    EURGBP=     0.9028         0.9031      -0.03%         +6.79%      +0.9056     +0.9017
 NZ               NZD=        0.6430         0.6489      -0.91%         -4.54%      +0.6514     +0.6423
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        9.5480         9.5213      +0.28%         +8.77%      +9.6072     +9.4796
 Euro/Norway      EURNOK=     10.7594        10.7560     +0.03%         +9.37%      +10.8321    +10.7309
 Dollar/Sweden    SEK=        9.3071         9.2914      -0.17%         -0.43%      +9.3450     +9.2545
 Euro/Sweden      EURSEK=     10.4886        10.5066     -0.17%         +0.19%      +10.5415    +10.4782
 


 (Additional reporting by Iain Withers in London
Editing by Sonya Hepinstall)
  
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