* As U.S. virus cases surge, risk appetite falls
* U.S. spending, income data mixed, shows economy weathering storm
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh
(Adds comment, updates prices)
By Gertrude Chavez-Dreyfuss
NEW YORK, June 26 (Reuters) - The safe-haven dollar edged higher in choppy trading on Friday, moving
within narrow ranges, as investors grew cautious about a resurgence in U.S. coronavirus cases that has
fueled doubts on expectations of a V-shaped recovery for the world's largest economy.
Currencies that thrive with higher risk appetite, such as sterling and those linked to commodities
like the Australian, New Zealand and Canadian dollars, struggled against the greenback.
The U.S. Centers for Disease Control and Prevention (CDC) on Friday reported 2,414,870 U.S. cases of
coronavirus, an increase of 40,588 from its previous count, and said deaths had risen by 2,516 to 124,325.
Florida and Texas are leading the surge in new U.S. cases. Both states on Friday ordered bars to once
again close down and imposed tighter restrictions on restaurants in a setback to efforts to open up their
economies during the pandemic.
"At the end of the day, it's very clear that we are in a deep economic hole. COVID-19 won't be easy to
break away from," said Juan Perez, currency trader at Tempus Inc in Washington, referring to the
respiratory illness caused by the novel coronavirus.
In afternoon trading, the dollar was slightly higher against a basket of currencies 97.426 =USD .
The dollar reacted little to data showing U.S. consumer spending, which accounts for more than
two-thirds of U.S. economic activity, jumped 8.2% last month, the largest increase since the government
started tracking the series in 1959. That said, personal income fell 4.2% last month.
"On balance, today's mixed numbers validate the view that the economy has weathered the worst of the
coronavirus but underscore what's expected to be a choppy road to recovery," said Joe Manimbo, senior
market analyst at Western Union Business Solutions in Washington.
The euro, meanwhile, edged higher against the dollar in see-saw trading to $1.1225 EUR=EBS . Traders
said there were $2 billion in option expiries in the currency pair that went off earlier in the session at
the $1.12 strike.
On the week, the euro posted weekly gains of 0.4% against the dollar.
Bank of America Merrill Lynch's trading platforms and broader positioning surveys indicate currency
markets are long euro/dollar, though positioning is not stretched.
The dollar was little changed against the yen at 107.17 yen JPY=EBS .
In other currencies, the commodity-tied units fell as risk appetite weakened, with the Australian
dollar down 0.3% against the U.S. dollar at US$0.6864 AUD=D3 . The U.S. dollar gained 0.1% at C$1.3653
CAD=D3 .
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Currency bid prices at 3:49PM (1949 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR= $1.1227 $1.1217 +0.09% +0.15% +1.1239 +1.1196
Dollar/Yen JPY= 107.1700 107.1900 -0.02% -1.55% +107.3500 +106.8100
Euro/Yen EURJPY= 120.33 120.23 +0.08% -1.33% +120.3700 +119.8100
Dollar/Swiss CHF= 0.9475 0.9483 -0.08% -2.10% +0.9499 +0.9468
Sterling/Dollar GBP= 1.2343 1.2414 -0.57% -6.91% +1.2437 +1.2315
Dollar/Canadian CAD= 1.3658 1.3636 +0.16% +5.17% +1.3715 +1.3627
Australian/Doll AUD= 0.6862 0.6885 -0.33% -2.26% +0.6895 +0.6841
ar
Euro/Swiss EURCHF= 1.0640 1.0639 +0.01% -1.95% +1.0645 +1.0629
Euro/Sterling EURGBP= 0.9096 0.9030 +0.73% +7.59% +0.9100 +0.9024
NZ NZD= 0.6420 0.6428 -0.12% -4.69% +0.6450 +0.6403
Dollar/Dollar
Dollar/Norway NOK= 9.7130 9.6582 +0.57% +10.65% +9.7539 +9.6443
Euro/Norway EURNOK= 10.9070 10.8420 +0.60% +10.87% +10.9265 +10.8260
Dollar/Sweden SEK= 9.3221 9.3147 +0.18% -0.27% +9.3770 +9.3085
Euro/Sweden EURSEK= 10.4701 10.4515 +0.18% +0.01% +10.5025 +10.4490
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