FOREX-Dollar dips as weak trend seen intact; offshore Chinese yuan rises

    * Euro climbs on vaccine optimism
    * Dollar weakens to more than 1-week low
    * Offshore Chinese yuan hits highest since June 2018
    * U.S. CPI rises less than expected, little FX impact
    * Graphic: World FX rates in 2020

 (Adds new comment, updates prices)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Nov 17 (Reuters) - The dollar fell to a one-week low on Tuesday in quiet trading, still
weighed down by optimism over a second coronavirus vaccine, as the outlook for the currency remained
downbeat with the Federal Reserve and U.S. Congress poised to do more to ease COVID-19's economic damage.
    The euro, sterling, Swiss franc, and yen rose against the dollar, while the Chinese yuan hit its
highest against the U.S. currency since June 2018.
    Drugmaker Moderna became the second U.S. pharmaceutical company in a week to report positive
results from trials of a COVID-19 vaccine, considered necessary to eradicate the pandemic.
    Policymakers' response to a record number of coronavirus cases, hospitalisations and deaths in several
U.S. states is likely to remain of greater concern.
    "The key story is still about COVID-19 and the short-term pressures it's going to put not just on the
U.S, but abroad. And it's going to force Congress or the Federal Reserve to do more," said Edward Moya,
senior market analyst at OANDA in New York.
    "Whether we get a stimulus after (President-elect) Joe Biden takes office or whether the Fed does
more, the trajectory for the dollar is pretty clear: it's going to be much lower."
    In afternoon trading, the dollar index fell to a one-week low against a basket of major
currencies, and last stood at 92.426, down 0.1%.
    Federal Reserve Chairman Jerome Powell said on Tuesday the Fed is committed to "using all of our tools
to support the recovery for as long as it takes until the job is well and truly done." He made the
comments at a virtual event hosted by the Bay Area Council in California.
    Amo Sahota, executive director at currency advisory firm Klarity FX in San Francisco, said central
bankers are "trying to recalibrate market expectations about a post-COVID world."
    He added that Powell has indicated that "once we're through this COVID period and we have a vaccine,
we're not going to have the same economy as before."
    Data showing U.S. retail sales rising less than expected in October had minimal dollar impact. Retail
sales rose 0.3% last month, the Commerce Department said on Tuesday. Economists polled by Reuters had
forecast retail sales would gain 0.5% in October.
    Against the yen, the dollar fell 0.4% to 104.20, while the euro inched higher by 0.1% to
    The euro, however, fell against a broadly stronger pound, which gained on media reports that Britain
could reach a post-Brexit trade agreement with the European Union by early next week.
    The euro was last down 0.3% versus sterling at 89.47 pence.
    The offshore yuan, meanwhile, hit its highest since June 2018 against the dollar at 6.5457,
as positive economic data continued to support the Chinese currency.
    Currency bid prices at 3:05PM (2005 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
 Dollar index                 92.4160        92.5060     -0.09%         +0.00%      +92.6140    +92.2640
 Euro/Dollar                  $1.1863        $1.1852     +0.09%         +5.82%      +1.1894     +1.1843
 Dollar/Yen                   104.1900       104.5250    -0.32%         -4.07%      +104.5750   +104.0950
 Euro/Yen                     123.59         123.93      -0.27%         +1.34%      +124.0200   +123.5200
 Dollar/Swiss                 0.9107         0.9124      -0.19%         -5.89%      +0.9128     +0.9089
 Sterling/Dollar              1.3256         1.3202      +0.43%         -0.03%      +1.3272     +1.3192
 Dollar/Canadian              1.3085         1.3073      +0.10%         +0.73%      +1.3116     +1.3065
 Aussie/Dollar                0.7305         0.7321      -0.21%         +4.11%      +0.7340     +0.7289
 Euro/Swiss                   1.0803         1.0812      -0.08%         -0.44%      +1.0821     +1.0803
 Euro/Sterling                0.8947         0.8978      -0.35%         +5.83%      +0.8990     +0.8948
 NZ                           0.6893         0.6905      -0.16%         +2.45%      +0.6918     +0.6876
 Dollar/Norway                9.0535         9.0850      -0.17%         +3.40%      +9.0940     +9.0340
 Euro/Norway                  10.7415        10.7340     +0.07%         +9.18%      +10.7892    +10.7188
 Dollar/Sweden                8.6199         8.6063      +0.17%         -7.80%      +8.6399     +8.5886
 Euro/Sweden                  10.2263        10.2088     +0.17%         -2.32%      +10.2480    +10.1959
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Kirsten Donovan and Nick Zieminski)