Latest News

Irish News

Click Here to read Irish News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
/fxcentre/i-want-to/read-news
FOREX-Dollar slips as Trump suggests election delay
Published at 30/07/2020 at 21:23

(Adds details, updates prices)

* Graphic: World FX rates in 2020

By Karen Brettell and Caroline Valetkevitch

NEW YORK, July 30 (Reuters) - The U.S. dollar extended its recent decline on Thursday after U.S. President Donald Trump raised the possibility of delaying the nation's November presidential election, while the euro hit a two-year high.

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, and is on track for its worst monthly performance in a decade.

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 increased 12,000 to a seasonally adjusted 1.434 million in the week ending July 25. A staggering 30.2 million Americans were receiving unemployment checks in the week ending July 11.

"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 0.38% at 92.995. It is on track for about a 4.5% decline this month, which would be the worst monthly performance since September 2010.

The euro rose to $1.1844 against the dollar, its highest since June 2018, and was last at $1.1840, up 0.4% 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 rose to $1.3091, its highest since March, and was last up 0.71% at $1.3087. It has risen for 10 consecutive days.

The British currency is likely poised for further strength as it catches up for previous 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."

========================================================

Currency bid prices at 3:40PM (1940 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar EUR= $1.1840 $1.1790 +0.42% +5.62% +1.1844 +1.1732

Dollar/Yen JPY= 104.8000 104.9100 -0.10% -3.73% +105.2900 +104.8100

Euro/Yen EURJPY= 124.09 123.70 +0.32% +1.75% +124.1900 +123.3400

Dollar/Swiss CHF= 0.9091 0.9124 -0.36% -6.07% +0.9153 +0.9090

Sterling/Dollar GBP= 1.3087 1.2995 +0.71% -1.30% +1.3091 +1.2946

Dollar/Canadian CAD= 1.3441 1.3340 +0.76% +3.50% +1.3459 +1.3334

Australian/Doll AUD= 0.7180 0.7186 -0.08% +2.26% +0.7190 +0.7122

ar

Euro/Swiss EURCHF= 1.0767 1.0758 +0.08% -0.78% +1.0773 +1.0734

Euro/Sterling EURGBP= 0.9046 0.9071 -0.28% +7.00% +0.9081 +0.9017

NZ NZD= 0.6673 0.6667 +0.09% -0.94% +0.6677 +0.6621

Dollar/Dollar

Dollar/Norway NOK= 9.0847 9.0292 +0.61% +3.49% +9.1695 +9.0292

Euro/Norway EURNOK= 10.7584 10.6427 +1.09% +9.34% +10.8040 +10.6384

Dollar/Sweden SEK= 8.7019 8.7141 +0.19% -6.91% +8.7915 +8.7036

Euro/Sweden EURSEK= 10.3050 10.2853 +0.19% -1.57% +10.3335 +10.2760

(Editing by Nick Zieminski and Alistair Bell)

((caroline.valetkevitch@tr.com))