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* The U.S. dollar drifted lower in early European trade Wednesday, retreating from the 20-year peak seen earlier in the week as a nascent rebound in the euro gathers pace.

* The Chinese yuan edged higher on Wednesday after data showed manufacturing activity shrank slightly less than expected in August, while most other Asian currencies tread water amid growing fears of a hawkish Federal Reserve.

* The rouble firmed towards 60 against the dollar on Monday, supported by the last month-end tax payments that boost demand for the Russian currency, while stocks clipped a two-month high.

* The dollar edged higher on Tuesday, but was below the 20-year high it hit a day earlier, while the euro broke back above parity, as markets priced in super-sized interest rate hikes by the U.S. Federal Reserve and the European Central Bank (ECB).

* Most Asian currencies fell on Tuesday, albeit at a slower pace than before as pressure from the dollar eased, although concerns over rising U.S. interest rates kept markets subdued.

Data Inference

* 'Actual' greater than 'Forecast' is good for currency

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