SHANGHAI, Jul 20 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell against the euro for a third straight session on Tuesday, following a Reuters story that European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation.

The rebound in the euro, which sent it further away from the sub-parity levels of last week, coincided with falling expectations for an aggressive 100 basis points hike from the U.S. Federal Reserve this month, which knocked the dollar.

The euro rose to as high as $1.0269, up 1.2% on the day and its strongest since July 6 as money markets priced in a 60% chance of a 50 basis points hike on Thursday, up from 25% on Monday.

Investors were also keeping an eye on political drama in Rome with the Italian government mired in uncertainty over whether Mario Draghi will continue as Prime Minister.

Against a basket of currencies, the dollar was 0.6% lower at 106.71, on pace for its third straight session of losses. The index remains close to the two-decade high of 109.29 touched last week.

U.S. stock futures edged higher on Tuesday after a sharp rally for the three major indexes during the regular trading session.

Dow Jones Industrial Average futures rose 12 points, or 0.04%. S&P 500 and Nasdaq 100 futures climbed 0.16% and 0.32%, respectively. Netflix surged more than 7% in after-hours trading after saying it lost only 970,000 subscribers in the second quarter, less than the 2 million it had previously projected.

Traders betting that markets found a bottom and will be pushed forward by stronger-than expected corporate earnings drove stocks higher Tuesday, with all three major indexes trading above their 50-day moving averages for the first time since April.

The Dow rallied 754.44 points, or 2.43%, while the S&P 500 gained 2.76%. The Nasdaq Composite rose 3.11%.

Oil prices edged up about 1% to a two-week high in volatile trade on Tuesday as the market focused more on tight supplies and a weaker dollar than fears an economic slowdown will hit oil demand.

Brent futures finished the day 1% higher at $107.35 a barrel. U.S. West Texas Intermediate (WTI) crude settled 1.6% higher at $104.22 per barrel.

Brent was on track for its highest close since July 4 and WTI for its highest close since July 8.

Gold inched higher on Tuesday, helped by a pullback in the dollar, as investors braced for cues on the pace of interest rate hikes from major central banks this month.

Spot gold was up 0.17 at $1,711.89 per ounce. U.S. gold futures were unchanged at $1,710.2.

The dollar index was down 0.7%, making bullion cheaper for overseas buyers.

The pan-European Stoxx 600 index closed up by 1.4% despite hovering around the flatline for much of the session. Autos added 3.2% while banks climbed 3%.