The U.S. dollar started the week with a soft tone on Monday as investors looked to looming economic data from around the world and U.S. corporate earnings to gauge whether the markets' guarded optimism on the economic outlook is justified.
U.S. coronavirus cases continued to surge over the weekend, as Florida reported an increase of more than 15,000 new cases of COVID-19 in 24 hours, a record for any state, surpassing a peak hit in New York in April. A weekly gauge of consumer confidence in Australia has dropped after a spike in infections in Melbourne and that could be repeated in the U.S., where the magnitude of the outbreak is much larger, he noted.
Investors also looked to China, where economic recovery is gaining momentum as the outbreak has largely been contained.
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