European stocks started the week firmly on the back foot, with every sector retreating following Friday’s euro surge. U.S. equity futures also fell, the dollar edged lower and gold rose as investors weighed the damage from Tropical Storm Harvey.

Technology shares led the drop in the Stoxx Europe 600 Index, which was under pressure as the single currency extended gains toward $1.20. European Central Bank President Mario Draghi refrained from talking down the euro at Jackson Hole on Friday, effectively giving bulls a green light. Meanwhile, the dollar languished in the wake of comments from Federal Reserve Chair Janet Yellen that failed to offer any catalysts for a rebound. Gasoline futures jumped as the wider impact of the storm that shut more than 10 percent of U.S. fuel-making capacity was becoming more evident.

With the much-anticipated central-bank meeting now behind them, investors this week will be eager for signs of constructive progress in U.S. politics after comments on Friday from Gary Cohn, director of the National Economic Council, cut through much of the gloom that had been generated by recent White House scuffles. Cohn said in an interview he expects tax reform to pass this year and that he didn’t intend to resign over the president’s reaction to riots in Virginia.

Treasury traders face a week headlined by Tuesday’s auction of bills that mature Sept. 29 — the deadline Treasury Secretary Steven Mnuchin has called critical for raising the debt ceiling. They will then look forward to inflation and payrolls data that will be key for determining the Fed’s next moves. Federal Reserve Bank of Cleveland President Loretta Mester urged her colleagues to look past recent weak inflation data and to stick to their gradual pace of lifting interest rates.

Terminal subscribers can read more on our Markets Live blog.

Among other key events looming this week:

The U.S. Treasury issues $132 billion in notes and bills in a 90-minute span Monday.

The U.K. is due to resumes Brexit talks with the European Union.

Japan reports jobs data on Tuesday and retail sales figures on Wednesday.

Hong Kong reports on retail on Tuesday, while Australia is due to publish data on Wednesday detailing construction work done.

The U.S. updates second-quarter GDP and core price data on Wednesday, and reports on August payrolls on Friday.

Here are the main moves in markets:

Asia

The Topix closed 0.2 percent higher, while South Korea’s Kospi index fell 0.4 percent. Australia’s S&P/ASX 500 Index declined 0.6 percent. The Hang Seng Index in Hong Kong rose less than 0.1 percent. The Shanghai Composite Index advanced 0.9 percent.

The Japanese yen rose 0.2 percent to 109.09 per dollar.

Stocks

The Stoxx Europe 600 Index declined 0.5 percent as of 8:35 a.m. in London, the lowest in six months on a closing basis.

The U.K.’s FTSE 100 Index declined 0.1 percent, the biggest drop in more than a week.

Germany’s DAX Index fell 0.7 percent.

Futures on the S&P 500 Index dipped 0.2 percent to the lowest in a week.

Currencies

The Bloomberg Dollar Spot Index declined less than 0.05 percent to the lowest in more than two years.

The euro gained less than 0.05 percent to $1.1929, the strongest in more than two years.

The British pound climbed less than 0.05 percent to $1.2885.

Bonds

The yield on 10-year Treasuries increased less than one basis point to 2.17 percent.

Germany’s 10-year yield gained less than one basis point to 0.38 percent.

Commodities

West Texas Intermediate crude dipped 1 percent to $47.39 a barrel, the lowest in more than a week.

Gold rose 0.5 percent to $1,297.20 an ounce.

Gasoline futures on Nymex for September delivery soared 4.4 percent to $1.7398 a gallon.

Source: Bloomberg