• The dollar crept higher on Wednesday, a day after dropping to a three-week low against a basket of major currencies amid a repricing of expectations of U.S. Federal Reserve rate increases and concerns about U.S. President Donald Trump's ability to deliver a promised fiscal boost.
The dollar index, which measures the greenback against a basket of six major currencies, was up 0.26 percent at 99.757. It fell to a low of 99.465, its lowest since March 28, on Tuesday.
The greenback was 0.54 percent higher against the yen and up 0.17 percent against the euro.
• Futures traders were pricing in a 49 percent chance the U.S. central bank will raise rates at its June meeting, down from 71 percent on April 6, according to the CME Group’s FedWatch Tool.
• The head of the U.S. House of Representatives' banking panel has unveiled the Republicans' most ambitious plan so far to loosen financial regulations, a 600-page bill to replace the Dodd-Frank financial reform law.
Representative Jeb Hensarling, who chairs the House Financial Services Committee, also set an April 26 hearing to discuss replacing the 2010 law.
• President Donald Trump's administration on Wednesday denied being misleading about a U.S. carrier strike group's push toward the Korean peninsula, saying it never gave an arrival date and that the ships were still on their way.
• U.S. Secretary of State Rex Tillerson on Wednesday accused Iran of 'alarming ongoing provocations' to destabilize countries in the Middle East as the Trump administration launched a review of its policy toward Tehran.
• In the latest poll conducted since Britain Prime Minister Theresa May called election, the Conservative Party lead with 48 percent, followed by the Labour Party with 24 percent, The Times reported, citing YouGov poll data.
• Oil prices dropped more than 3 percent on Wednesday following a surprise increase in gasoline inventories, and declines in energy shares weighed on U.S. stocks.
The dollar recovered from recent weakness against the euro EUR= and the safe-haven yen JPY=, while sterling was off six-month highs hit after Britain's prime minister on Tuesday called for a snap election.
U.S. crude futures CLc1 fell 3.8 percent to settle at $50.44, while Brent crude futures LCOc1 dropped 3.6 percent to $52.93.
• In the oil market, the counter-seasonal build of 1.5 million barrels in gasoline in the latest week, along with an increase in U.S. production, pressured prices.
Reference: Reuters
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