Dollar Gains on Manufacturing Strength; EUR/USD Retreats From 1.20
 
The dollar edged higher in early European trade Wednesday, recovering a little from Tuesday’s two-year lows, helped by positive U.S. manufacturing activity and weak German retail sales
 
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 92.377, having fallen Tuesday to its lowest level since April 2008 of 91.737. GBP/USD was down 0.1% at 1.3368, while USD/JPY was up 0.1% at 106.03.
 
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Gold Up Over Weak Dollar, Mixed Chinese and Japanese Data
 
Gold was up on Monday morning in Asia, with investors turning to the safe-haven asset as the dollar weakened. China and Japan also released data conveying mixed signals about their economic recovery from COVID-19.
 
Gold futures were up 0.20% at $1978.85 by 12:43 AM ET (5:43 AM GMT), and the dollar inched down on Monday.
 
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Crude Oil Rises on Solid China, Japan Data as Gulf Facilities Reopen
 
Crude oil prices eased off overnight highs in early trade in New York on Monday, amid reports that various production facilities and refineries hit last week by Hurricane Laura will resume production in the coming days.
 
Refineries in Pasadena, Beaumont and Port Arthur – including the 600,000 b/d complex owned by Saudi Aramco (SE:2222) subsidiary Motiva – had all indicated a quick restart was possible at the end of last week.
 
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Dollar set for worst August in five years
 
The dollar was set for a fourth straight month of losses on Monday after a U.S. Federal Reserve policy shift on inflation, while the euro was poised to post a fourth month of gains, taking both currencies to levels last seen in 2018.
 
Investors are adjusting to a speech last Thursday in which Federal Reserve Chair Jerome Powell outlined an accommodative policy change which is believed could result in inflation moving slightly higher and interest rates staying lower for longer.
 
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Gold Up Over Gloomy U.S. Data
 
Gold was up on Wednesday morning in Asia, with investors turning to the safe-haven asset as the outlook for a global economic recovery from COVID-19 turns gloomier.
 
Data released on Tuesday showed a dive in U.S. consumer confidence, with the Conference Board (CB) consumer confidence index falling to 84.8. Fears over rising unemployment due to COVID-19 saw the index hit its lowest level since May 2014.
 
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Oil Mixed, With Producers Bracing for Hurricane Laura

 

Oil was mixed on Wednesday morning in Asia, with producers shutting off most offshore output in the Gulf of Mexico ahead of Hurrican Laura.

 
Brent oil futures were up 0.24% to $46.40 by 12:06 AM ET (5:06 AM GMT) and WTI Futures inched down 0.02% to $43.34.
 
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Dollar Edges Higher; Gains Shaky Ahead of Jackson Hole

 

The dollar edged higher in early European trade Wednesday, gaining back some recent losses, but these gains could be short-lived ahead of comments from Federal Reserve chair Jerome Powell from the annual Jackson Hole retreat later in the week.

 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.123. USD/JPY was largely flat at 106.34, while EUR/USD was down 0.2% at 1.1814.
 
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Gold Slides Setting Up First Back-To-Back Weekly Plunge Since March
 
Gold futures came under significant pressure on August 21, 2020, for a third consecutive session. Commodity experts are pointing to a resurgence in the United States dollar as the most likely cause for bullion’s recent downtrend.
 
The dollar gained 0.5% early on Friday which put a measure of the buck against about six currencies, the ICE Dollar Index. The US currency is on track for a weekly rise of 0.2%, prompted partly by comments that came from the Federal Reserve.
 
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Crude Oil Prices Fall as Demand Concerns Fill News Vacuum
 
Crude oil prices drifted lower in early trading in New York on Friday, as lingering fears about the strength of global demand for the rest of the year dominated a largely uneventful morning for news.
 
By 9:15 AM ET (1315 GMT), U.S. crude futures were down 1.8% at $42.03 a barrel, while the international benchmark Brent was down 1.7% at $44.16 a barrel. WTI was on course to end the week roughly even, while Brent was on course for a drop of nearly 2%.
 
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Dollar Weakens Amid Recovery Concerns, More Losses Seen Likely
 
The dollar weakened in early European trade Friday, amid doubts about the pace with which the U.S. economy will rebound from the coronavirus-inspired slowdown.
 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 92.662. USD/JPY was down 0.2% at 105.57, while EUR/USD was up 0.1% at 1.1868.
 
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