SHANGHAI, Jun 10 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar was slightly weaker on Wednesday as investors focused on a European Central Bank meeting and the upcoming US consumer price index report to gauge the current pace of the economic recovery.

Both are due Thursday, and investors have adopted a wait-and-see attitude, leaving major currencies mostly range-bound recently.

With the ECB, investors will be watching for any clues of an imminent slowdown to its bond buying program.

The Bank of Canada on Wednesday left its key interest rate unchanged as expected, and said it would maintain its current policy of quantitative easing. It also reiterated its guidance that rates would remain unchanged until at least the second half of 2022.

The Canadian dollar rose against the greenback, which fell 0.2% to C$1.2087 in the wake of the BoC announcement.

The dollar index fell 0.1% to 90.080, with the euro up 0.18% at $1.2193.

On Wall Street, Futures contracts tied to the major US stock indexes rose during the overnight session Wednesday evening as investors eyed a key inflation report due out Thursday.

Dow futures advanced 42 points, while those tied to the S&P 500 added 0.1%. Nasdaq 100 contracts were mostly flat.

US markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.

Oil prices were steady on Wednesday after US inventory data showed a surge in gasoline inventories due to weak fuel demand following US Memorial Day weekend, traditionally the beginning of the peak summer driving season.

Brent crude futures remained unchanged to settle at $72.22 a barrel, having earlier touched $72.83, their highest since May 20, 2019.

US West Texas Intermediate (WTI) crude closed 9 cents, or 0.1%, lower at $69.96 a barrel, after reaching $70.62, its highest since Oct. 17, 2018.

Gold held in a tight range on Wednesday as investors looked forward to US inflation data that could shape the course of the Federal Reserve’s monetary policy.

Spot gold was down 0.1% at $1,891.05 per ounce by 1:44 p.m EDT (1744 GMT), while US gold futures settled 0.1% up at $1,895.50.

The underlying fundamentals remain favorable for precious metals as the Fed seems to be “stubbornly” holding on to the idea that current inflationary trends are transitory and thus is likely to keep monetary policy loose for the time being, said David Meger, director of metals trading at High Ridge Futures.

While there could be a knee-jerk market reaction if inflation runs “hotter than expected,” the Fed would likely stick to its view that any jump is temporary, Meger added.

European stocks struggled for direction on Wednesday as investors braced for the next reading of US inflation due Thursday.

The pan-European Stoxx 600 eked out a small gain by the close, but sectors and major bourses pointed in opposite directions. Health care stocks were the top performers, climbing 1.9%, while the basic resources sector fell 1.8%.

The muted session for European markets reflects cautious sentiment elsewhere ahead of the latest inflation data from the US, which could prompt the Federal Reserve to consider tapering asset purchases sooner rather than later.