for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

FOREX-Dollar falls; euro tops $1.18 after sentiment survey

    * German ZEW economic survey boosts euro amid thin liquidity
    * Fiscal stalemate, U.S.-Sino tensions breathe strength into dollar
    * Oil currencies flourish as oil prices rise
    * Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E

 (Adds new comment, FX table, updates prices, changes byline, dateline; previous LONDON)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Aug 11 (Reuters) - The dollar slid from one-week highs and the euro topped $1.18 on Tuesday
as investors flocked to currencies that benefit from an  improving global market outlook, with the S&P 500
nearing a record high and investor sentiment in Germany rising more than expected. 
    Aside from the euro, sterling and commodity-linked currencies such as the Australian and Canadian
dollars, as well as the Norwegian crown, gained against a broadly weakening dollar.
    "The greenback remains dogged by the narrative that other nations are better navigating the
coronavirus pandemic," said Joe Manimbo, senior market analyst at Western Union Business Solutions in
Washington.
    He also cited the standstill in Congress over an additional pandemic stimulus package, which
"reinforces expectations of low growth and low lending rates for longer."
    In late morning trading, the dollar index was down 0.2% at 93.454, sliding from a one-week high
hit earlier in the session.
    The euro rose after the ZEW survey of economic sentiment rose to 71.5 from 59.3 the previous month,
far exceeding a forecast for 58.0 in a Reuters poll of economists.
    As a result, euro/dollar gained 0.5% to $1.1809. The move was exacerbated by thin August
liquidity, said Jane Foley, senior currency analyst at Rabobank, and she was "suspicious" about how much
effect the ZEW survey had.
    The euro was last up 0.3% at $1.1769.
    "We need to wait till September to see clear direction coming from euro/dollar," Foley said.
    The U.S. dollar has held a floor, despite losses, amid U.S.-China tensions and a stalemate between
Congress and the Trump Administration over fiscal stimulus. 
    The dollar was last up 0.4% against the Japanese yen at 106.41 yen, as U.S. 10-year Treasury
yields rose to four-week highs. The greenback earlier touched a one-week peak versus the yen.
    Congressional leaders and administration officials said on Monday they were ready to resume
negotiations on a coronavirus aid deal. It was unclear whether they could bridge their differences.

    Meanwhile, China imposed sanctions on 11 U.S. citizens, including Republican lawmakers, following
Washington's sanctions on Hong Kong and Chinese officials.
    U.S. Treasury Secretary Steven Mnuchin said companies from China and other countries that do not
comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021.

    Market response to the U.S.-China conflict has been limited, but analysts say there could be
longer-term implications.
    Sterling traded up 0.2% at $1.3095 after Bank of England Deputy Governor Dave Ramsden said
the central bank will step up quantitative easing if the British economy struggles again.
    
    ========================================================
    Currency bid prices at 10:46AM (1446 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1777        $1.1736     +0.35%         +5.06%      +1.1807     +1.1723
 Dollar/Yen       JPY=        106.4100       105.9500    +0.43%         -2.25%      +106.4400   +105.9300
 Euro/Yen         EURJPY=     125.34         124.36      +0.79%         +2.78%      +125.3500   +124.3600
 Dollar/Swiss     CHF=        0.9148         0.9156      -0.09%         -5.48%      +0.9168     +0.9106
 Sterling/Dollar  GBP=        1.3091         1.3070      +0.16%         -1.25%      +1.3131     +1.3057
 Dollar/Canadian  CAD=        1.3299         1.3350      -0.38%         +2.39%      +1.3361     +1.3270
 Australian/Doll  AUD=        0.7162         0.7149      +0.18%         +2.01%      +0.7189     +0.7146
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0774         1.0746      +0.26%         -0.72%      +1.0776     +1.0736
 Euro/Sterling    EURGBP=     0.8995         0.8977      +0.20%         +6.39%      +0.9010     +0.8970
 NZ               NZD=        0.6592         0.6589      +0.05%         -2.14%      +0.6626     +0.6586
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        8.9811         9.0354      -0.60%         +2.30%      +9.0524     +8.9323
 Euro/Norway      EURNOK=     10.5793        10.6020     -0.21%         +7.52%      +10.6745    +10.5420
 Dollar/Sweden    SEK=        8.7454         8.7493      +0.21%         -6.45%      +8.7731     +8.7048
 Euro/Sweden      EURSEK=     10.3033        10.2812     +0.21%         -1.58%      +10.3038    +10.2669
 
    
 (Reporting by Gertrude Chavez-Dreyfuss and Olga Cotaga; Editing by Larry King, Bernadette Baum and Dan
Grebler)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up