Dollar on defensive as upbeat data dulls safe-haven appeal

The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data but renewed worries about the coronavirus blunted more aggressive risk taking.

The market sentiment gained an additional boost from the news that a COVID-19 vaccine developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer has shown potential and was found to be well tolerated in early-stage human trials.Sterling traded at US$1.2477 , flat in early Thursday trade but having gained 1.1per cent so far this week. The Australian dollar fetched US$0.6919 , having gained 0.7per cent on the week.The U.S.

More closely watched jobs reports from the government, due later in the day ahead of U.S. public holiday on Friday, are expected to show an increase of 3 million non-farm payrolls in June. California dramatically rolled back efforts to reopen its economy on Wednesday, banning indoor restaurant dining in much of the state, closing bars and stepping up enforcement of social distancing and other measures as COVID-19 infections surge.

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