FOREX-Dollar little moved by optimistic news on another COVID vaccine

* Dollar little changed after Moderna news
* Vaccine hopes trump rising cases for now
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

(New throughout)
By Kate Duguid
NEW YORK, Nov 16 (Reuters) - The dollar was little changed
on Monday after pharmaceutical firm Moderna MRNA.O became the
second U.S. company in a week to report positive results from
its COVID-19 vaccine trials.
Optimism about the vaccine lifted stocks but mostly bypassed
the foreign exchange markets, where currency trading held the
index of the U.S. dollar against a basket of currencies =USD
at 92.64, just below its late Friday level at 92.74.
"For now, we may continue to see a lot of USD market churn
inside of relatively narrow ranges, though longer term, with the
Fed's lower for longer policy stance, the USD may come under
pressure in the coming months, as growth returns with
inflation," wrote analysts at Action Economics.
Moderna MRNA.O said its experimental vaccine was 94.5%
effective in preventing COVID-19 based on interim data from a
late-stage trial. That followed a similar vaccine-related update
from Pfizer Inc PFE.N a week earlier.
The risk-on mood lifted U.S. stock indexes on Monday and
nudged up the yield on the 10-year U.S. Treasury note
US10YT=RR .
Despite fears of a resurgence of global cases of COVID-19,
investors remain hopeful that a working vaccine could rescue the
global economy, helping to fuel a rally in stock markets and a
rebound in riskier currencies.
The euro EUR= was steady as investors began the week in a
relatively upbeat mood after strong economic data from Asia. The
euro hit a one-week high of $1.187 EUR=EBS earlier in the day
and was last up 0.07% at $1.184.
Commerzbank analysts said investor confidence that the euro
region was better prepared to launch more fiscal stimulus than a
divided U.S. Congress was also helping.
Data on Monday showed signs of economic recovery in China
and Japan, the world's second and third largest economies. In
other promising news for the region, 15 Asia-Pacific countries
on Sunday signed the China-backed Regional Comprehensive
Economic Partnership deal, a China-backed deal that excludes the
United States, which had left a rival Asia-Pacific grouping
under President Donald Trump. The dollar against the Chinese yuan was last off 0.23%
CNH=EBS in offshore markets at 6.576, after the Chinese
currency earlier in the day hit a one-week high of 6.566 yuan
per dollar.

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U.S. dollar vs offshore Chinese yuan https://tmsnrt.rs/3lFg7Sg
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