A dozen killed as terrorists attack Iran parliament, Khomeini tomb

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

Sheikhupura, May 26: Younus, the brother-in-law of Asia Bibi, a Christian woman convicted of blasphemy by a Pakistani court, was killed in Sheikhupura city of Punjab province in Pakistan on Monday.

According to the FIR, Younus had gone to his farms on May 24 and did not return home at night. His body with throat slit was traced in the farm the following morning.

It is believed that, hailing from minority Christian community, Younus was killed in a rivalry.

This is not the first time that somebody associated with Asia Bibi has been murdered in cold blood.

In 2011, Salman Taseer, the influential governor of Punjab was assassinated after he made headlines by appealing for the pardon of Asia Bibi, who had been sentenced to death for allegedly insulting Prophet Muhammad.

A month after Taseer was killed, Religious Minorities Minister Shahbaz Bhatti, a Christian who spoke out against the laws, was shot dead in Islamabad, underlining the threat faced by critics of the law.

Asia Bibi is now living in exile after the Supreme Court of Pakistan acquitted her based on insufficient evidence in October 2018.

Recounting the hellish conditions of eight years spent on death row on blasphemy charges but also the pain of exile, Asia Bibi recently broke her silence to give her first personal insight into an ordeal that caused international outrage.

French journalist Anne-Isabelle Tollet, who has co-written a book about her, was once based in the country where she led a support campaign for her."You already know my story through the media," she said in the book.

"But you are far from understanding my daily life in prison or my new life," she said. "I became a prisoner of fanaticism," she said. In prison, "tears were the only companions in the cell".

She described the horrendous conditions in squalid jails in Pakistan where she was kept chained and jeered at by other detainees.

Pakistan's blasphemy laws carry a potential death sentence for anyone who insults Islam. Critics say they have been used to persecute minority faiths and unfairly target minorities.

Pakistan's Prime Minister Imran Khan defended the country's strict blasphemy laws during his election campaigns. The status quo is still in place.

No government in Pakistan was ready to make changed to the blasphemy law due to fears of a backlash.

Seoul, Jun 6: South Korea on Saturday reported 51 new cases of COVID-19, mostly in the densely populated capital region, as authorities scramble to stem transmissions among low-income workers who can't afford to stay home.

The figures announced by South Korea's Centers for Disease Control and Prevention brought national totals to 11,719 workers and 273 deaths.

At least 34 of the new coronavirus cases were linked to door-to-door sellers hired by Richway, a Seoul-based health product provider.

Vice Health Minister Kim Gang-lip said the spread of the virus among Richway sellers was particularly alarming as most of them are in their 60s and 70s. He called for officials to strengthen their efforts to find and examine workplaces vulnerable to infections.

More than 120 infections have also been linked to a massive warehouse operated by Coupang, a local e-commerce giant, which has been accused of failing to properly implement preventive measures and having employees work even when sick.

South Korea was reporting around 500 new cases per day in early March due to a massive outbreak surrounding the southern city of Daegu, before officials managed to stabilize the situation with aggressive tracking and testing.

But the recent resurgence of COVID-19 in the greater capital area, where about half of South Korea's 51 million people live, is now threatening to erase some of the country's hard-won gains. It has also led to second-guessing whether officials were too quick to ease social distancing and reopen schools.

Health authorities and hospital officials on Friday participated in a table-top exercise for sharing hospital capacities between Seoul and nearby cities and ensure swift transports of patients so that a spike of cases in one area doesn't overwhelm its hospital system.