• The dollar index, which tracks the U.S. currency against a basket of six major rivals, was steady on the day at 100.030, after hit to 100.130, its highest since March 21. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that European Central Bank policymakers are keen to reassure investors that their easy-money policy is far from ending.
The euro was down 0.1 percent at $1.0752 EUR=, after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs.
Sterling edged up slightly on the day to $1.2439 GBP= after skidding to a one-week low of $1.2377 overnight.
• Prime Minister Theresa May formally began Britain's exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019.
• The NAR said its Pending Home Sales Index, based on contracts signed last month, surged 5.5 percent to 112.3. That was the highest reading since April and the second best showing since May 2006.
Contracts to buy previously owned U.S. homes jumped to a 10-month high in February, pointing to robust demand for housing ahead of the busy spring selling season.
• U.S. Transportation Secretary Elaine Chao said the Trump administration would unveil a $1 trillion infrastructure plan later this year, but she did not offer details of funding for projects.
• May West Texas Intermediate crude CLK7, +0.10% rose $1.14, or 2.4%, to settle at $49.51 a barrel on the New York Mercantile Exchange. The contract settled at its highest level since March 9, according to FactSet data. May Brent LCOK7, +0.00% gained $1.09, or 2.1%, to $52.42 a barrel.
Oil prices rallied Wednesday, settling at their highest level in roughly three weeks after data from the Energy Information Administration showed a weekly rise in U.S. crude inventories that was below some market forecasts.
The EIA reported that crude inventories rose by 900,000 barrels to a weekly record 534 million barrels for the week ended March 24.
Reference: Reuters, Market Watch
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