Indian Muslim girl gang-raped, murdered in UK

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."

United Nations, Jun 6: US President Donald Trump’s response to protests against the killing of African-American George Floyd has included language “directly associated with racial segregationists” from America's past, a group of UN human rights experts have said.

There have been widespread protests across the United States as Floyd, 46, was killed by a white police officer in Minneapolis. People from diverse backgrounds have called for justice and have voiced their support to the protests.

In the wake of protests over the killing of Floyd, Trump had tweeted that “when the looting starts, the shooting starts.”

“The response of the President of the United States to the protests at different junctures has included threatening more state violence using language directly associated with racial segregationists from the nation’s past, who worked hard to deny black people fundamental human rights," a statement issued on Friday by over 60 independent experts of the Special Procedures of the United Nations Human Rights Council said.

"We are deeply concerned that the nation is on the brink of a militarised response that reenacts the injustices that have driven people to the streets to protest,” it said.

A report in The New York Times had said that the phrase "When the looting starts, the shooting starts” was used by Miami’s former police chief Walter Headley in 1967. Headley had been “long accused of using racist tactics in his force’s patrols of black neighbourhoods,” the NYT had said.

They said the recent killing of Floyd has shocked many in the world, “but it is the lived reality of black people across the United States. The uprising nationally is a protest against systemic racism that produces state-sponsored racial violence, and licenses impunity for this violence.”

They noted that following the recent spate of killings of African-Americans, many in the United States and abroad are finally acknowledging that “the problem is not a few bad apples” but instead the problem is the very way that economic, political and social life are structured in a country that prides itself in liberal democracy, and with the largest economy in the world.

Separately, 28 UN experts called on the US Government to take decisive action to address systemic racism and racial bias in the country's criminal justice system by launching independent investigations and ensuring accountability in all cases of excessive use of force by police.

“Exactly 99 years after the massacre in Tulsa, involving the killing of people of African descent and the massive loss of life, destruction of property and loss of wealth on ‘Black Wall Street’, African Americans continue to experience racial terror in state-sponsored and privately organised violence,” the experts said.

Strongly condemning the killings of Ahmaud Arbery, Breonna Taylor and George Floyd, the experts called for systemic reform and justice. “Given the track record of impunity for racial violence of this nature in the United States, Black people have good reason to fear for their lives.”

Taylor, a 25-year-old emergency medical technician was shot in her bed when police raided the wrong house; Arbery, 25, was fatally shot while jogging near his home by three white men who chased and cornered him; and Floyd was accused of using counterfeit currency in a store and died in the street while a white officer knelt on his neck and three others participated and observed.

“The origin story of policing in the United States of America starts with slave patrols and social control, where human property of enslavers was ‘protected’ with violence and impunity against people of African descent. In the US, this legacy of racial terror remains evident in modern-day policing,” the experts said.

The experts also raised concern about the police response to demonstrations in several US cities, termed by some the ‘Fed Up-rising’, that have been marked by violence, arbitrary arrest, militarisation and the detention of thousands of protesters. Reporters of colour have been targeted and detained, and some journalists have faced violence and harassment.

“Statements from the US Government inciting and threatening violence against protesters stand in stark contrast to calls for leniency and understanding which the Government had issued in the wake of largely white protests against COVID-19 restrictions on services like barbershops, salons, and spas,” the experts said.

Melbourne, July 1: Authorities will lock down around 300,000 people in suburbs north of Melbourne for a month from late on Wednesday to contain the risk of infection after two weeks of double-digit rises in new coronavirus cases in Australia's second-most populous state.

Australia has fared better than many countries in the pandemic, with around 7,830 cases and 104 deaths, but the recent surge has stoked fears of a second wave of COVID-19, echoing concerns expressed in other countries.

Globally, coronavirus cases exceeded 10 million on Sunday, a major milestone in the spread of a disease that has killed more than half a million people in seven months.

From midnight, more than 30 suburbs in Australia's second-biggest city will return to stage three restrictions, the third-strictest level in curbs to control the pandemic. That means residents will be confined to home except for grocery shopping, health appointments, work or caregiving, and exercise.

The restrictions will be accompanied by a testing blitz that authorities hope will extend to half the population of the area affected, and for which borders will be patrolled, authorities said. The measures come as curbs ease across the rest of the state of Victoria, with restaurants, gyms and cinemas reopening in recent weeks.

Victoria recorded 73 fresh cases on Tuesday from 20,682 tests, following an increase of 75 cases on Monday. State premier Daniel Andrews warned on Wednesday that the return of broader restrictions across city remained a possibility.

"If we all stick together these next four weeks, we can regain control of that community transmission ... across metropolitan Melbourne," Andrews said at a briefing. "Ultimately if I didn't shut down those postcodes I'd be shutting down all postcodes. We want to avoid that."

Victoria's spike in cases has been linked to staff members at hotels housing returned travellers for which quarantine protocols were not strictly followed. Victorian state authorities have announced an investigation into the matter.

Some other Australian states and territories are preparing to open borders, but applying limits and quarantine measures to citizens of Victoria as the school holiday season gets under way.

South Australia, the country's fifth most populous state, has had just three new cases in the past month. But citing the spike in coronavirus infections, on Tuesday it cancelled its scheduled reopening to other parts of the nation.

New South Wales (NSW), Australia's most populous state, has stopped short of closing its borders to all Victorians, but those holidaying from hotspot areas - not permitted under NSW rules - can be handed a fine of A$11,000 ($7,596) or jailed if they are detected, state authorities said.

The delays reopening internal borders cast doubts over a federal plan to set up "travel bubble" with neighbouring New Zealand that would allow movement between the two countries.