SHANGHAI, Jul 27 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar held just below multi-decade peaks on Tuesday as traders awaited a rate hike from the U.S. Federal Reserve but wondered whether hints of a slowing economy may prompt a shift away from its focus on inflation.

The euro fell 1.02% to $1.01 but was hemmed in by uncertainty over Europe’s energy security, which is not helped by a looming cut in the westbound flow of Russian gas.

The yen steadied at 136.78 per dollar.

The Fed concludes a two-day meeting on Wednesday. Traders have been dialing back expectations as markets try to figure out if or when policymakers might pause inflation-fighting efforts amid signs the economy is starting to slow.

Futures pricing points to a 75 basis point (bp) rate hike with a 10% risk of 100 bps.

Stock futures ticked up in overnight trading as traders await the Federal Reserve’s latest interest rate decision, scheduled to be announced Wednesday afternoon.

Futures on the Dow Jones Industrial Average rose by 66 points, or 0.21%. S&P 500 futures gained 0.55% and Nasdaq 100 futures increased 1.06%. Shares of Enphase Energy gained about 6% after the bell on solid quarterly earnings. Chipotle also added 8% in after-hours trading following its mixed second-quarter earnings release.

Natural gas prices are surging around the world as scorching temperatures stoke demand for the fuel, and as Europe’s push to move away from Russian fuel roils global energy markets.

U.S. natural gas futures surged more than 11% at one point on Tuesday to $9.75 per million British thermal units (MMBtu), the highest level since July 2008. The contract drifted lower over the course of the day, ending the dat at $8.99 per MMBtu for a gain of 3.05%.

Natural gas is now up roughly 66% for July, putting it on track for the best month going back to the contract’s inception in 1990.

Gold prices were stuck in a narrow range on Tuesday, as lower Treasury yields amid lingering recession woes offset a firmer dollar, while investors turned their attention to the U.S. Federal Reserve’s two-day meeting.

Spot gold was flat at $1,717.54 per ounce. U.S. gold futures were little changed at $1,716.

U.S. Treasury yields fell sharply, as a looming gas supply crisis in Europe kept the markets on edge about global recession risks.

The pan-European Stoxx 600 index closed flat, with retail stocks sliding 4% while health care gained 1.7%.