(Adds analyst's quote, edits)
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E
By Karen Brettell
NEW YORK, July 27 (Reuters) - The dollar tumbled to an
almost two-year low against the euro on Monday on concerns about
a growing number of coronavirus cases in the United States, and
before the Federal Reserve this week is expected to confirm its
commitment to rock bottom rates.
“It seems like we're seeing the dollar lose its crown,” said
Edward Moya, senior market analyst at OANDA in New York. “There
are high expectations you're going to see the Fed continue to
signal that they're prepared to do more at a longer run, and the
U.S. economic recovery is not going to be anywhere near as
smooth as what is unfolding in Europe.”
Florida on Sunday became the second state after California
to overtake New York, the worst-hit state at the start of the
U.S. novel coronavirus outbreak, according to a Reuters tally.
U.S. Treasury Secretary Steve Mnuchin said on Sunday
Republican coronavirus relief legislation will be made public on
Monday and that he believes the party can move quickly with
Democrats to hammer out their differences. The Fed is expected to reiterate that it will keep rates
near zero for years to come when it concludes its two-day
meeting on Wednesday.
The euro EUR= was last up 0.87% at $1.1755, after earlier
reaching $1.1763, the highest since September 2018.
The single currency may extend gains to $1.20 if the region
is able to contain any resurgences of the coronavirus, Moya
said.
“I think you're going to see a steady amount of investment
and market positioning going back to Europe, and that will
provide some room for much more weakness here with the U.S.
dollar,” he said.
The dollar index =USD fell 0.76% to 93.64. It earlier
dipped to 93.60, the lowest since June 2018.
The safe haven Japanese yen also gained on concerns about
deteriorating U.S.-China relations. Tensions rose after
Washington last week ordered China's consulate in Houston to
close, prompting Beijing to shutter the U.S. consulate in
Chengdu.
The dollar fell 0.82% JPY= to 105.25 yen, the weakest
since March 16.
========================================================
Currency bid prices at 9:49AM (1349 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR= $1.1755 $1.1654 +0.87% +4.86% +1.1763 +1.1639
Dollar/Yen JPY= 105.2500 106.1200 -0.82% -3.32% +106.1800 +105.2500
Euro/Yen EURJPY= 123.76 123.70 +0.05% +1.48% +123.8700 +123.2200
Dollar/Swiss CHF= 0.9206 0.9206 +0.00% -4.88% +0.9229 +0.9168
Sterling/Dollar GBP= 1.2866 1.2789 +0.60% -2.96% +1.2877 +1.2783
Dollar/Canadian CAD= 1.3379 1.3413 -0.25% +3.03% +1.3430 +1.3370
Australian/Doll AUD= 0.7143 0.7103 +0.56% +1.74% +0.7146 +0.7088
ar
Euro/Swiss EURCHF= 1.0824 1.0726 +0.91% -0.26% +1.0837 +1.0729
Euro/Sterling EURGBP= 0.9136 0.9110 +0.29% +8.06% +0.9148 +0.9099
NZ NZD= 0.6686 0.6644 +0.63% -0.74% +0.6688 +0.6628
Dollar/Dollar
Dollar/Norway NOK= 9.0852 9.1588 -0.80% +3.49% +9.1865 +9.0624
Euro/Norway EURNOK= 10.6820 10.6760 +0.06% +8.58% +10.6985 +10.6325
Dollar/Sweden SEK= 8.7333 8.8181 -0.35% -6.57% +8.8499 +8.7269
Euro/Sweden EURSEK= 10.2670 10.3033 -0.35% -1.93% +10.3033 +10.2578