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FOREX-Dollar flat, currency markets hold moves after vaccine news

    * Dollar stabilises after gaining on vaccine news
    * Yen trades near Monday levels
    * Swiss franc recovers some losses
    * Graphic: World FX rates in 2020

 (Updates prices, adds commentary)
    By David Henry
    NEW YORK, Nov 10  (Reuters) - The dollar was steady on Tuesday and the yen stayed low, as investors
remained optimistic about progress towards a COVID-19 vaccine and the currency markets digested the big
moves of Monday.
    U.S. drugmaker Pfizer Inc and German partner BioNTech SE said on Monday a large-scale
clinical trial showed their vaccine was more than 90% effective in preventing COVID-19 - news which lifted
global markets with a wave of risk appetite.
    The dollar's rise on Monday of 0.5%, analysts said, was caused by investors quitting long positions in
other major safe-haven currencies such as the Japanese yen and the Swiss franc.
    The dollar was flat against a basket of major currencies, near its previous session's highs, as market
participants declined to push it further in light of uncertainty about how or when a vaccine could be
rolled out.
    "Today is a little bit of a cool off from what we've seen in this past couple of days," said Minh
Trang, senior FX trader at Silicon Valley Bank. "I don't mind a little bit of a breather. November has
been very, very interesting." 
    Neil Jones, head of FX sales for financial institutions at Mizuho, said he expected the risk-on moves
to hold. 
    "I don’t think it’s over and don’t think the foreign exchange market will become completely
skeptical," he said.
    "We need more clarity in terms of the distribution, quantities, timeline, and to whom," Jones said.
"On balance, that optimism will remain for now."
    The dollar had lost around 1.4% this month until Democrat Joe Biden's victory in the U.S. presidential
election became apparent over the weekend.
    The Japanese yen, which had its biggest one-day fall since March after the vaccine announcement, was
little changed Tuesday morning in New York at 105.34 yen to the dollar. The yen had initially
clawed back some of its from the day before.
    The Swiss franc gained marginally, with the dollar rising 0.1% to 0.915 francs after
Monday's 1.5% gain.
    "Following a euphoric market reaction such as that the question that now arises is whether it was
justified or possibly exaggerated," wrote Commerzbank FX and EM analyst You-Na Park-Heger in a note to
    Euro-dollar was broadly flat at $1.1813. In the previous session, it rose to as high as $1.192, but
went no further, which Mizuho's Jones said could be due to the European Central Bank having signalled its
awareness of the downsides of rapid euro strength.
    "The market is a little bit concerned about repeat verbal intervention in the euro around the 1.20
area so I think sellers maybe dropped their offers down lower than that 1.20, thinking that that might be
the limit of the upside," Jones said.
    The Australian dollar - seen as a liquid proxy for risk appetite - was off nearly 0.3% versus the
dollar, giving back its jump in the immediate aftermath of the vaccine news..
    The New Zealand dollar was off 0.1% and poised to end its streak of seven consecutive session of gains
    China's offshore yuan, which has been gradually strengthening since May, was flat on Tuesday after
hitting 2.5-year highs versus the U.S. dollar on Monday..
    President Donald Trump plans to push ahead with legal challenges to the election results and will hold
a series of campaign-style rallies to build support.

    Currency bid prices at 9:57AM (1457 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session Euro/Dollar                  $1.1813        $1.1814     +0.00%         +5.38%      +1.1843     +1.1780
 Dollar/Yen                   105.3400       105.3600    -0.10%         -3.10%      +105.4800   +104.8300
 Euro/Yen                     124.43         124.45      -0.02%         +2.03%      +124.5200   +124.0000
 Dollar/Swiss                 0.9151         0.9138      +0.12%         -5.46%      +0.9175     +0.9116
 Sterling/Dollar              1.3261         1.3162      +0.76%         -0.01%      +1.3271     +1.3154
 Dollar/Canadian              1.3018         1.3007      +0.10%         +0.22%      +1.3050     +1.2998
 Aussie/Dollar                0.7262         0.7282      -0.27%         +3.49%      +0.7294     +0.7253
 Euro/Swiss                   1.0808         1.0787      +0.19%         -0.41%      +1.0822     +1.0783
 Euro/Sterling                0.8905         0.8971      -0.74%         +5.33%      +0.8983     +0.8885
 NZ                           0.6808         0.6817      -0.12%         +1.19%      +0.6839     +0.6808
 Dollar/Norway                8.9995         9.0340      -0.40%         +2.58%      +9.0535     +8.9970
 Euro/Norway                  10.6322        10.6685     -0.34%         +8.07%      +10.6992    +10.6150
 Dollar/Sweden                8.6192         8.6282      -0.01%         -7.80%      +8.6527     +8.6025
 Euro/Sweden                  10.1820        10.1835     -0.01%         -2.74%      +10.2145    +10.1759
 (Reporting by David Henry in New York and Elizabeth Howcroft in London;
Editing by Bernadette Baum)