India's trade minister said an agreement will be reached when the U.S. finds the right tools to give India a competitive advantage.

Bank of Canada minutes released Wednesday said policymakers left the policy rate at 2.25% on June 10 — the fifth straight pause — citing a weak economy and little evidence that recent oil-price increases have passed through to other goods and services. Six senior decision-makers led by Governor Macklem agreed the hold balanced upside inflation pressure against economic weakness; the minutes noted Canada has unexpectedly recorded two consecutive quarters of contraction. The minutes said: In responding to rising inflation, the Governing Council neither wants to overreact nor underreact.

Capital.com analyst Daniela Hathorn said upcoming US data will determine whether the dollar rally has further room. If PCE and labour-market prints continue to support a higher-for-longer rates narrative, the dollar should remain supported; if price pressures ease more quickly, markets may start to question whether current rate expectations are too aggressive. PCE (the Fed’s preferred inflation gauge) and initial jobless claims are due Thursday; nonfarm payrolls are due July 2.