The dollar edged up on Wednesday, recouping some of the losses stemming from renewed bets on Federal Reserve rate cuts this year, while the yen weakened for a third day, keeping investors wary of the risk of intervention from Tokyo.
Oil prices fell on Wednesday as industry data showed a rise in crude and fuel inventories in the U.S. and as the U.S. dollar strengthened, signalling that demand for oil is coming under pressure.
Bitcoin price fell on Wednesday, further reversing a rebound seen over the weekend as persistent concerns over more regulatory scrutiny against the crypto industry kept traders largely wary of buying in.
Emerson Electric Co. (NYSE: NYSE:EMR) reported a stronger-than-expected performance for its second quarter, with adjusted earnings per share (EPS) and revenue surpassing analyst projections. EMR shares were up 0.9% in premarket trading.
The U.S. dollar was broadly steady on Tuesday while the yen trimmed earlier losses as Japanese officials issued fresh warnings following two rounds of suspected dollar-selling intervention last week.
Oil prices steadied on Tuesday as weakness in the physical market and concerns about sticky U.S. inflation countered fears of escalation in the Middle East as Israel stepped up attacks in southern Gaza while a ceasefire deal hung in the balance.
Bitcoin price dropped marginally on Tuesday as sentiment toward cryptocurrencies showed little signs of improvement amid regulatory woes and as outflows from investment products, specifically exchange-traded funds, remained in play.
U.S. stocks edged higher Tuesday, maintaining recent bullish optimism ahead of more corporate earnings and upcoming Fed speakers this week.
Wall Street looks set to trade lower Tuesday as traders factor in the reduced likelihood of rate cuts in the first half of the year after strong economic data. Rubrik plans a IPO, while UBS announces a new share buyback program.
The U.S. dollar stabilized near its recent over four-month high in European trade Tuesday as strong economic data hit expectations of early rate cuts by the Federal Reserve.
