The dollar lost ground through the N.Y. morning session on Wednesday, as China's second currency devaluation threw global markets into another tailspin. Sovereign yields moved lower, as equities were again crushed, giving the FX market some pause as to whether or not a September Fed rate hike will be put on hold. On the commodity front, copper recovered slightly from overnight six-year lows, as gold prices perked up on hopes the Fed stays at ZIRP for now. Oil prices meanwhile, managed to stay off their six-year lows posted on Tuesday, though struggled to hold modest gains.
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