FOREX-Dollar steadies amid rising global coronavirus cases

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Eimi Yamamitsu
TOKYO, Nov 16 (Reuters) - The dollar was hemmed into a
narrow range on Monday, as traders weighed the economic impact
from a resurgence of global coronavirus cases against prospects
for a working vaccine that could help reignite global growth.
Global markets surged last week after on vaccine optimism,
with the dollar rising as traders quit their long-yen positions.
But the currency market had turned risk averse towards the end
of the week as global infections spread.
More than 54.01 million people have been reported to be
infected by the novel coronavirus globally, with death toll
exceeding 1.3 million, according to a Reuters tally.
Meanwhile, the total virus cases in the U.S. surpassed 11
million on Sunday as the pace of the pandemic quickened.

Against a basket of currencies, the greenback was roughly
near where it ended last week, fetching 92.68 =USD .
"Currency moves which were prompted by positive vaccine
news have taken a pause. With no additional, positive news on
the vaccine, U.S. interest rates and stocks went into correction
mode at the end of the week, and dollar/yen fell," Masafumi
Yamamoto, chief currency strategist at Mizuho Securities said.
"Over the weekend, uncertainty around the U.S. presidential
election has declined as it became more certain that Joe Biden
secured more votes, and it's easier for traders to take risks on
hopes that the next administration would soon take measures
against the coronavirus," he said. The dollar could strengthen
against the yen if U.S. bonds and stocks maintain their upward
moment, he added.
President Donald Trump on Sunday briefly acknowledged losing
the election in a morning Twitter post but then backtracked,
saying he concedes "nothing" and vowing to keep up a court fight
that election-law experts say is unlikely to succeed.
Meanwhile, President-elect Joe Biden focused on tackling the
coronavirus pandemic and set meetings with pharmaceutical
companies developing vaccines.
The yen treaded water at 104.71 per dollar JPY=EBS , having
posted its worst weekly performance since early June last week.
Australian dollar traders awaited upcoming events by the
Reserve Bank of Australia, with RBA governor Philip Lowe
scheduled to speak later in the day, while the central bank's
November meeting minutes are due on Tuesday.
Analysts also said the China-backed Regional Comprehensive
Economic Partnership (RCEP) deal signed by 15 Asia-Pacific
economies on Sunday partly helped risk appetite, as investors
hoped trades that have been hit by Sino-U.S. tensions would
improve. The Aussie firmed marginally at $0.7288 in early Asian trade
AUD=D3 , and the kiwi was at $0.6871 NZD=D3 .
Elsewhere, the British pound steadied against the dollar
GBP=D3 , changing hands at 1.3209, with the ongoing post-Brexit
trade deal talks in focus.
Britain's top Brexit negotiator David Frost said on Sunday
that Britain and the EU have made some progress in their
post-Brexit trade deal negotiations but might not succeed in
getting an agreement. Hopes for Brexit compromise also emerged after news Dominic
Cummings, the most powerful adviser to Prime Minister Boris
Johnson, would leave Downing Street in mid-December.
The euro was little changed against the dollar, last sitting
at 1.1839 EUR=EBS .