Dollar Gains in Holiday-Thinned Trade; Sterling Hit by Brexit Woes
 
The dollar traded higher in early European trade Monday, while the euro was weakened by disappointing German industrial production data and sterling was weighed on by the revived risk of a messy end to the Brexit transition period at the end of the year.
 
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.3% at 92.957. Trade is likely to be thinned due to the U.S. Labor Day holiday.
 
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Gold prices retreat as stocks rise, U.S. dollar stages rebound
 
Gold futures headed lower Wednesday as global stocks rose and the U.S. dollar recovered from a two-year low a day earlier, creating some headwinds for bullion values.
 
The ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies, was up 0.5% at 92.771, with that index elevated by weakness in the euro EURUSD, -0.58%
 
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Oil Prices Jump On Major Hurricane-Driven Crude Draw
 
Crude oil prices rebounded on Wednesday morning after the Energy Information Administration reported a crude oil inventory draw of 9.4 million barrels for the week to August 30.
 
This compares with an inventory decline of 4.7 million barrels reported for the previous week, and a 6.36-million-barrel draw reported by the American Petroleum Institute yesterday. Analysts had expected a relatively modest inventory draw of 1.95 million barrels for the week to August 30.
 
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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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