July 30, 2020 / 2:22 PM / 12 days ago

FOREX-Dollar dips as Trump floats idea of election delay

 (Adds details, updates prices; changes byline, dateline;
previous LONDON)
    * Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E

    By Karen Brettell
    NEW YORK, July 30 (Reuters) - The U.S. dollar dipped on
Thursday after U.S. President Donald Trump raised the
possibility of delaying the nation's November presidential
election, and it is on track for its worst monthly performance
in a decade as the spread of the coronavirus continues to weigh
on the U.S. economy.
    Trump repeated claims of mail-in voter fraud, writing on
Twitter "delay the election until people can properly, securely
and safely vote???"
    The comments reversed an earlier dollar bounce.
    “Any form of U.S. uncertainty, whether economics or
politics, is an excuse to hit the sell button for the U.S.
dollar,” said Joe Manimbo, senior market analyst at Western
Union Business Solutions in Washington.
    The greenback has been in a month-long nosedive as the
continued spread of coronavirus across U.S. states weighs on the
economy.
    Data on Thursday showed that the U.S. economy contracted by
32.9% in the second quarter, the steepest pace since the Great
Depression. In a separate report, the Labor Department said
initial claims for unemployment benefits totalled 1.434 million
in the week ending July 25.
    “Claims are telling us that the recovery is already starting
to tire,” said Manimbo.
    The dollar index against a basket of currencies was
last down 0.02% at 93.34. It is on track for a 4.17% decline
this month, which would be the worst monthly performance since
September 2010.
    The euro set a new 22-month high of $1.1808, before
dropping back to $1.1791, up 0.01% on the day.
     The single currency was weighed down earlier on Thursday
after data showed that the German economy contracted by a
worse-than-expected 10.1% in the second quarter, its steepest
plunge on record.
    Sterling gained 0.43% to $1.13051, its highest since
March. 
    The British currency is likely poised for further strength
as it catches up for pervious underperformance, said Marc
Chandler, chief market strategist at Bannockburn Global Forex in
New York. “I think sterling is in the middle of a historic
advance.”
    
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    Currency bid prices at 10:10AM (1410 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1791        $1.1790     +0.01%         +5.18%      +1.1808     +1.1732
 Dollar/Yen       JPY=        105.1200       104.9100    +0.20%         -3.44%      +105.2900   +104.9100
 Euro/Yen         EURJPY=     123.98         123.70      +0.23%         +1.66%      +123.9900   +123.3400
 Dollar/Swiss     CHF=        0.9117         0.9124      -0.08%         -5.80%      +0.9153     +0.9112
 Sterling/Dollar  GBP=        1.3051         1.2995      +0.43%         -1.57%      +1.3062     +1.2946
 Dollar/Canadian  CAD=        1.3442         1.3340      +0.76%         +3.51%      +1.3445     +1.3334
 Australian/Doll  AUD=        0.7144         0.7186      -0.58%         +1.75%      +0.7190     +0.7129
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0751         1.0758      -0.07%         -0.93%      +1.0760     +1.0734
 Euro/Sterling    EURGBP=     0.9033         0.9071      -0.42%         +6.85%      +0.9081     +0.9021
 NZ               NZD=        0.6643         0.6667      -0.36%         -1.38%      +0.6673     +0.6621
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        9.1211         9.0292      +1.02%         +3.90%      +9.1407     +9.0292
 Euro/Norway      EURNOK=     10.7574        10.6427     +1.08%         +9.35%      +10.7655    +10.6384
 Dollar/Sweden    SEK=        8.7473         8.7141      +0.31%         -6.42%      +8.7915     +8.7114
 Euro/Sweden      EURSEK=     10.3168        10.2853     +0.31%         -1.46%      +10.3270    +10.2760
 

 (Editing by Nick Zieminski)
  
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