FOREX-Dollar steadies before US jobs data, riskier FX up on OPEC hopes

* Hopes of pandemic peak support risk-sensitive currencies
* Commodity currencies benefit from oil output cut hopes
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Iain Withers
LONDON, April 9 (Reuters) - The dollar held firm on Thursday
after the swings caused by the coronavirus pandemic, but some
selling pressure may be in store with U.S. jobless data due
later expected to show claims near record highs.
Economists are forecasting weekly jobless claims of 5.25
million, which would mean claims over just three weeks totalled
a staggering 15 million. But despite the dire
forecasts, analysts said a huge global downturn was now largely
priced in by markets.
Forecasts for second-quarter U.S. gross domestic product
range from UBS's 9.5% annualised contraction to Nomura's 42%.
The dollar was flat against major currencies before the U.S.
jobless figures due at 1230 GMT. It had rallied nearly 9%
between March 9-20 to more than a three-year high before
declining nearly 3% to stand at 100.05. =USD
European equity markets opened higher on Thursday on hopes
lockdowns may be slowing the spread of the novel coronavirus.
Most major currency pairs barely budged on Thursday,
allowing currencies perceived as riskier bets, including the
British pound and the Australian and New Zealand dollars, to
consolidate recent gains. GBP=D3 AUD=D3 NZD=D3
The dollar was also flat against the euro and Japanese yen.
EUR=EBS JPY=EBS
"Markets already know that the U.S. economy is being hit by
extraordinary shocks," said Tohru Sasaki, head of Japan market
research at JPMorgan.
"Even if the (jobless) number increases, it will probably
surprise few people, while a better reading could enhance the
perception that the worst may be over and trigger a bigger
market reaction."
Commodities-exposed currencies were among the few to gain on
expectations the world's largest oil producers would cut
production at an OPEC+ meeting later on Thursday. Energy
ministers from the G20 nations are also due to hold a video
conference tomorrow. O/R
The Norwegian crown and South African rand - which were both
battered in a market sell-off in March - added to the week's
gains, edging up 0.3% and 0.7% respectively. NOK= ZAR=
Analysts at Deutsche Bank said in a note that an agreement
to cut production at the OPEC+ meeting could support oil
currencies.
But they cautioned: "Unless or until the global economy
ramps up again, even a best case scenario for the OPEC+ and G20
meetings will provide only limited relief."