* Dollar rebounds vs euro and yen as stocks gain globally

* ECB policy meeting awaited for cues, China markets closed

* Loonie sags before Canada trade data, Aussie gains modestly

By Shinichi Saoshiro

TOKYO, Sept 3 (Reuters) - The dollar climbed against the euro and yen on Thursday as global investors tentatively stepped back into riskier equities, tempering the recent rush to unwind carry trades that had boosted the single currency and the Japanese unit.

The dollar was up 0.3 percent at 120.655 yen, having rebounded sharply from a low of 119.255 overnight. The euro dipped to $1.1210, adding to an overnight loss of 0.8 percent.

The ebb and flow in global risk appetite, heavily influenced by Chinese economic data and its volatile stock markets, has recently influenced the greenback's day-to-day direction.

Global stock indexes rose on Wednesday, helped by reports of brokerage measures in China to invigorate the country's battered markets.

Stock market gains have tended to slow unwinding of carry trades, which have benefited the safe-haven yen and low-yielding euro over recent weeks.

China's slowing economy and worries about global growth had prompted investors to reduce bets in the yen and the euro, both of which have been popular for funding trades involving the sale of low-yielding currencies to buy higher-yielding, but riskier, assets.

With the Chinese markets closed for a national holiday, the focus will be on the European Central Bank policy meeting later in the session and on what its officials make of recent turmoil in financial markets.

"We expect a dovish message in the press conference and believe further easing is likely before year end. Such a message should support sentiment, which so far has been a drag on risky assets," wrote strategists at Barclays.

The dollar index nudged higher to touch a three-day high of 96.022.

Crude oil prices rebounded amid the general improvement in confidence, but that proved no tonic for the Canadian dollar, which struggled on caution ahead of key July goods trade data due later in the session.

The indicator is being closely watched to gauge the impact of cheap oil - a key Canadian export - on exports and how much of a positive impact the weaker Canadian dollar could have had on the struggling economy.

The Canadian dollar stood little changed at C$1.3268 on the greenback after losing about 0.9 percent overnight.

Fellow commodity currency the Australian dollar fared better. The Aussie edged up 0.1 percent to $0.7046, putting a bit of distance between a 6-1/2-year low of $0.6982 plumbed on Wednesday following weak domestic GDP data.

(Editing by Shri Navaratnam)