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Dollar Decline Resumes As Investors Look To Economic Data, Earnings
Monday, 13 July 2020 15:21 WIB | CURRENCIES |DOLLAR

The U.S. dollar edged lower on Monday as investors looked to incoming global economic data and U.S. corporate earnings to gauge whether the markets™ guarded optimism on the economic outlook is justified.

The greenback had ended its third week of losses on Friday as investors bought into risk-sensitive currencies on bets that the worst of the pandemic™s sweeping impact was over.

The index that measures it against a basket of major currencies had slipped 0.2% by early deals in London to 96.416.

U.S. coronavirus cases surged over the weekend, as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state, surpassing a peak hit in New York in April.

The euro rose 0.26% to $1.1328, maintaining its slow uptrend since late last month.

Looming large for the single currency was a planned European Union summit on July 17-18, where leaders need to bridge gaps on long-term budget. Investors will also watch for whether an agreement on a proposed 750 billion euro recovery fund for the bloc emerges.

The British pound gained 0.2% to $1.2641, edging near its three-week high of $1.2668 touched last week.

The Australian dollar added 0.4% to $0.6975.

The dollar gained slightly against the safe-haven yen, to 106.95 yen, staying near two-week lows of 106.635 set on Friday.

Source : Reuters

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