FOREX-Dollar wobbly as PMI data stokes hopes for global recovery

* Eurozone PMI data boosts recovery hopes
* AUD leads gains with small rise
* Kiwi dips after RBNZ's dovish hold
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Tom Westbrook
SINGAPORE, June 24 (Reuters) - The dollar was under pressure
on Wednesday, after upbeat data in Europe boosted the euro and
helped stoke hopes for a global economic recovery, underpinning
investor appetite for riskier currencies.
IHS Markit's euro zone Flash Composite Purchasing Managers'
Index, a broad gauge of economic activity, beat expectations
with a bounce to 47.5 from May's 31.9. That is still below the 50 mark separating growth from
contraction, but the strong rebound - together with upbeat data
in Britain and the United States - lent support to a sense that
growth is returning at pace. It also seemed enough for now to offset worries about a
resurgence in U.S. coronavirus cases, and to draw bets -
reflected in a rising gold price - on broad dollar weakness.
The euro EUR= is headed for its best month against the
dollar since October, and in morning trade clambered back toward
a one-week high hit overnight, last buying $1.1321.
The risk-sensitive Australian dollar AUD=D3 led morning
moves, with a 0.3% gain to $0.6952, pushing it towards the top
end of the range that it has held for a couple of weeks. AUD/
The New Zealand dollar NZD=D3 was down slightly on the day
at $0.6477 after the country's central bank said the balance of
economic risks remains to the downside and it is prepared to use
additional monetary tools as necessary. The RBNZ kept interest rates on hold, as expected.
"We're still seeing the counteracting forces of the economic
recovery on the one hand and concerns around the virus spreading
on the other hand," said Kim Mundy, FX analyst at the
Commonwealth Bank of Australia in Sydney.
"But overnight the Eurozone PMIs lifted, PMIs in the UK
lifted and PMIs in the U.S. lifted, so the economic story, that
we are seeing the recovery, is helping to underpin the commodity
currencies."
The mood lifted the British pound GBP= a fraction higher
to $1.2524 and helped scrape it off a three-month low against
the euro EURGBP= .
The yen JPY= held on to overnight gains at 106.46 per
dollar, reflecting caution and also corporate flows as
investment juggernaut SoftBank 9984.T started a $21 billion
sale of its stake in U.S. telco T-Mobile TMUS.O . The moves came in spite of a spike in coronavirus cases.
For a second consecutive week, Texas, Arizona and Nevada set
records in their coronavirus outbreaks, and 10 other states from
Florida to California were grappling with a surge in infections.
Australia has reported its first COVID-19 death in more than
month, amid an upswing in new cases in Victoria state, where
some restrictions on gathering have been re-imposed.
Investors are so far betting that this will not prompt
further lockdowns, or dent global economic recovery.
"We expect over the coming couple of weeks as we get more
clarity on this, state Governors will be in a better position to
decide how to proceed," RBC Capital Markets' Chief U.S.
Economist, Tom Porcelli, said of the U.S. cases.
"For now, we have not seen any negative shift in consumer
behaviour as a result."