Euro backs off three-week high ahead of Lagarde's remarks
Euro declined in European trade against dollar for second straight session off three-week highs on active profit-taking, ahead of ECB President Christine Lagarde's speech later today in Portugal on the future of monetary policies.
EUR/USD fell 0.5% on Wednesday to 1.0486, after closing down 0.6% yesterday, the first loss in three days off three-week highs at 1.0615.
Euro fell on Tuesday as Lagarde failed to present a new viewpoint on the path forward for European interest rates.
Lagarde
European Central Bank President Christine Lagarde is speaking later today in Portugal and might offer fresh views on the future of monetary policy in the EU.
German Bonds
German 10-year bond yields fell 5.5% on Wednesday, pressuring euro against a basket of major rivals.
The decline came after a spate of data that indicated the inflation might have reached its peak.
Oil prices decline ahead of US inventory data
Oil prices declined on Wednesday ahead of US inventory data and the OPEC + meeting.
OPEC and other independent producers are convening to discuss developments in the global oil market, expected to maintain current goals of hiking output by 648 thousand bpd in July and August.
Initial US data showed a drop of 3.8 million barrels in US crude stocks last week.
Official data will be released today from the US governments on crude stocks.
US crude futures due in August fell 0.3% to $111.4 a barrel as of 6:10 GMT.
Brent August futures declined 0.5% to $117.4 a barrel.
Wall Street gains ground
US stock indices rose on Tuesday, buoyed by improving risk appetite following China's decisions.
China decided to reduce the duration of health isolation imposed on travelers as part of its anti-Covid operations.
Now investors are following the Federal Reserve's statements closely, with some officials hinting at even higher US rate hikes than expected to control inflation.
Dow Jones rose 0.6% as of 14:07 GMT to 31,614, as S&P 500 rose 0.3% to 3914, while NASDAQ slipped 0.1% to 11,509.