US recap: EUR/USD hits the skids as dollar rebounds broadly
Aug 28 (Reuters) -The dollar index gained on Wednesday as month-end trade collided with markets preparing for a key U.S. inflation release at the end of the week along with a bout of risk aversion in stocks.
Friday's release of PCE inflation -- the Fed's favored gauge of price growth -- could help determine the extent of the dollar's current rebound, though next week's non-farm payrolls report is likely to be a bigger factor due to Chair Jerome Powell's recent focus on the labor market.
Thursday's weekly initial jobless claims -- expected to come in stable at 232k, according to the Reuters consensus forecast -- could also hold added sway over the market.
U.S. Treasury yields were steady to 1bp higher.
The S&P 500 had fallen 1.03% by New York afternoon ahead of a quarterly report from Nvidia, Wall Street's centerpiece event of the week that could shatter or add fresh fuel to a rally driven by optimism around artificial intelligence.
WTI fell 1.32% after a smaller-than-expected draw in U.S. crude stockpiles and as concerns over Chinese demand persisted, though losses were capped by supply risks in the Middle East and Libya.
Copper slid 2.16% as recent gains in metals came in for pruning on the back of concerns over demand from top consumer China and the rebound in the dollar, which helped to trigger sell-offs from funds and producers.
Gold retreated 0.81%, hurt by the dollar's recovery.
Heading toward the close: EUR/USD -0.65%, USD/JPY +0.47%, GBP/USD -0.65%, AUD/USD -0.31%, EUR/JPY -0.16%, GBP/JPY -0.02%, AUD/JPY +0.07%.
For more click on FXBUZ
(Burton Frierson)
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