United Kingdom

Gertrude Chavez-Dreyfuss

Dollar gains in surge in COVID cases, U.S. stimulus worries

7:33pm GMT

NEW YORK The U.S. dollar advanced on Monday, rising for a second straight session, bolstered by safe haven bids amid surging coronavirus cases in Europe and the United States as well as a lack of progress on a U.S. stimulus package.

FOREX-U.S. dollar rises on coronavirus surge, U.S. stimulus worries

2:25pm GMT

* Nokkie, Aussie dollar losers in G10 space * Chinese yuan falls vs dollar * British pound rises vs dollar, euro * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds new comment, FX table, updates prices, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, Oct 26 The U.S. dollar gained on Monday, rising for a second straight session, bolstered by safe haven bids amid surging coronavirus cases in Europe and the United States as well as a lack of progress on a U.S. stimulus package. The United States has recorded its highest number of new COVID-19 cases for two consecutive days and so has France. Spain announced a new state of emergency and Italy has ordered restaurants and bars to shut by 6 p.m. On the stimulus front, U.S. House Speaker Nancy Pelosi said on Sunday she expected a White House response on Monday to the latest relief plan, but there is little evidence a deal is close. "Skittish investors are scooping up the greenback as virus cases accelerate around the world, stimulus talks in Washington remain in limbo, and trepidation is on the rise ahead of America's presidential election," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. Media reports that the Oxford/AstraZeneca vaccine has proved successful in elderly people and that staff at a major British hospital were told to prepare for it as early as next month were not enough to bolster sentiment. An index tracking the U.S. dollar against a basket of six major currencies was last up 0.2% at 93.024. The euro, which has the largest percentage share of the dollar index, fell 0.3% to $1.1820. It has slipped earlier by half a percent after the German Ifo business climate index fell for the first time in six months in October. The dollar also rose 0.2% against the Japanese yen to 104.95. Speculators remain short the U.S. dollar, the latest data from the Commodity Futures Trading Commission showed, though the number of shorting contracts declined in the last couple of weeks. "What will drive the U.S. dollar this week is the ultimate trend in equities and the steepness of the U.S. Treasury two-year and 10-year curve," said Stephen Gallo, currency analyst at BMO Capital Markets. "Firmer equities yield a steeper curve, which yields a weaker dollar." On Monday, however, the spread between the U.S. two-year and U.S. 10-year notes narrowed to 65 basis points, after hitting its widest gap since early June. The U.S. dollar rose 0.5% against the Chinese yuan in the offshore market to 6.703, in a sign of caution as the Chinese government began discussions on its next five-year plan. Some other losers included the Norwegian crown and the Australian dollar, as they retreated from last week's gains driven by traders taking on more risk. Both fell in early European trading, but rebounded slightly afterwards. The Aussie dollar was last flat at 0.7138. The crown was down 0.2% at 9.2520 against the dollar, having seen nearly 1% drop earlier and stabilised against the euro at 10.9410. The British pound also fell 0.2% against the dollar to $1.3016. ======================================================== Currency bid prices at 10:15AM (1415 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.1815 $1.1862 -0.37% +5.41% +1.1859 +1.1804 Dollar/Yen 104.9800 104.8000 +0.14% -3.37% +105.0500 +104.6750 Euro/Yen 124.03 124.19 -0.13% +1.71% +124.2200 +123.7800 Dollar/Swiss 0.9074 0.9040 +0.37% -6.24% +0.9079 +0.9044 Sterling/Dollar 1.3007 1.3039 -0.23% -1.92% +1.3074 +1.2993 Dollar/Canadian 1.3184 1.3124 +0.47% +1.50% +1.3196 +1.3123 Aussie/Dollar 0.7125 0.7137 -0.15% +1.55% +0.7146 +0.7103 Euro/Swiss 1.0720 1.0724 -0.04% -1.22% +1.0728 +1.0708 Euro/Sterling 0.9081 0.9095 -0.15% +7.42% +0.9106 +0.9042 NZ 0.6693 0.6692 +0.03% -0.52% +0.6697 +0.6674 Dollar/Dollar Dollar/Norway 9.2375 9.2205 +0.16% +5.28% +9.3205 +9.2295 Euro/Norway 10.9160 10.9390 -0.21% +10.96% +11.0258 +10.9100 Dollar/Sweden 8.7390 8.7472 -0.40% -6.51% +8.7870 +8.7324 Euro/Sweden 10.3259 10.3677 -0.40% -1.37% +10.3955 +10.3233 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Olga Cotaga in London; Editing by Marguerita Choy)

S&P, Nasdaq close higher as stimulus talks in spotlight

24 Oct 2020

NEW YORK The S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic. | Video

US STOCKS-S&P, Nasdaq close higher as investors focus on stimulus talks

23 Oct 2020

* American Express drops as profit falls short of estimates (Updates to close, adds new comment, Kudlow's remarks on stimulus)

US STOCKS-Dow slips, S&P flat as stimulus stalemate weighs

23 Oct 2020

* Indexes mixed: Dow down 0.33%, S&P 500 up 0.03%, Nasdaq down 0.03% (Updates to early afternoon, adds new comment, NEW YORK dateline; changes byline)

Wall Street closes higher, trade choppy as U.S. stimulus talks eyed

23 Oct 2020

NEW YORK Shares on Wall Street ended higher on Thursday in choppy trading, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged U.S. economy, with more data pointing to a slowing labor market recovery. | Video

Permanently remote workers seen doubling in 2021 due to pandemic productivity - survey

22 Oct 2020

NEW YORK The percentage of workers around the world that is permanently working from home is expected to double in 2021 as productivity has increased during the coronavirus pandemic, according to a survey from U.S.-based Enterprise Technology Research (ETR).

US STOCKS-Wall Street closes higher on U.S. fiscal stimulus bets

22 Oct 2020

* U.S. House Speaker Pelosi reports progress on stimulus talks

US STOCKS-Wall Street rises as hopes rise for U.S. fiscal stimulus

22 Oct 2020

* Weekly jobless claims dip below 800,000, but remain elevated

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