• The dollar edged up against a basket of major peers on Wednesday as bargain hunters stepped in after the dollar slid overnight to a seven-week low, reflecting mounting concerns that the United States was poised to ditch a two decade-old "strong dollar" policy.
The dollar was up 0.4 percent at 113.260 yen JPY= after dropping overnight to a two-month low of 112.080.
• China's manufacturing sector grew slightly faster than expected in January as the world's second-largest economy continued to benefit from record bank lending and a construction boom.
The improvement in the industrial sector could give the government more room to tackle high debt levels in many parts of the economy this year, though analysts are not sure if current growth levels can be sustained.
The official Purchasing Managers' Index (PMI) stood at 51.3 in January, slowing marginally from 51.4 in December, but above the 50-point mark that separates growth from contraction on a monthly basis.
Production remained robust, although its reading dipped to 53.1 from 53.3 in December.
• Japanese policymakers hit back at U.S. President Donald Trump's accusation of currency manipulation on Wednesday, stressing that Tokyo was abiding by a Group of 20 agreement to refrain from competitive currency devaluation.
The dollar was on the defensive after Trump and trade adviser Peter Navarro criticized China, Germany and Japan, saying they were devaluing their currencies to the disadvantage of the United States.
• Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices.
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 5 cents to $52.86 a barrel.
Reference: Reuters
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