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Dollar recovers some ground on short-covering

News Date: 19/8/2016 04:49:21
Dollar regained its footing on Friday after a streak of tumbles that brought it to an eight-week trough, as expectations of a Fed rate hike this year diminish, but traders now close their sell position to collect profits before the weekend.

The dollar index climbed 0.40% against a basket of six major peers to trade at 94.50, edging away from an eight-week low hit yesterday at 94.05, while the greenback rose 0.44% against sterling to 1.3112.

Commodities fell en masse due to dollar's recovery, with Brent crude futures down 40 cents, or 0.80% to trade at $50.47 a barrel, while U.S. crude futures shed 20 cents, or 0.41% to hover around $48.02 a barrel.

Even safe havens registered losses, with gold futures sliding over five dollars, or 0.40% to trade at $1,352 an ounce, while silver futures gave up 20 cents, or one percentage point to loiter around $19.54 an ounce.

Investors await a bunch of Canadian data later today, with core CPI expected to have stayed the same in July, similar to June's no-change result as well, as inflationary pressures weaken in Canada.

Canada's core retail sales are forecast to have risen 0.3% m/m in June, sharply slowing down from May's 0.9% surge, which could weigh on the Canadian dollar today.

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