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Dollar hovers near two-week high as global stocks edge up

News Date: 30/8/2016 04:58:43
Dollar added to its gains on Tuesday, advancing 0.24% to 95.76 against a basket of six major counterparts, almost touching a two-week high at 95.83, while global stocks gained ground following strong data from Japan and Australia.

Australian shares climbed 0.20% after building approvals surged by 11.3% in July, smashing expectations of no-change, while the pan-European FTSEurofirst 300 index rose 0.37% to hover around 1,355.

Oil prices recovered some ground, with Brent crude futures clawing back 33 cents, or 0.67% to trade at $49.77 a barrel, while U.S. crude futures advanced 40 cents, or 0.85% to hover around $47.37 a barrel.

Other commodities weren't as lucky, with gold futures shedding nearly three dollars, or 0.20% to $1,324 an ounce, while silver futures slipped four cents, or also 0.20% to trade at $18.73 an ounce.

Investors await for some data later today, with the U.S. CB consumer confidence expected to inch down to 97.2 in August from July's 97.3, which wouldn't weigh much on the dollar's movements.

From Canada, the Industrial Product Price Index is forecast to have fallen 0.1% m/m in July, compared to June's 0.6% rise, which would impact the loonie negatively.

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