Money and Metals

The US dollar has support this morning. "The dollar was off a two-year high against the yen and a three-month peak versus the euro reached earlier on Wednesday, but still was mostly higher on the day as investors continued to focus on yield."

"Comments from U.S. Federal Reserve officials signaling more interest rate hikes and a break of an option-related key technical level around $1.19 against the euro triggered a bout of dollar buying in early European trading."

"On Tuesday, San Francisco Fed President Janet Yellen said the Fed was well aware rising oil prices could affect the broader price level and would not let prices spiral out of control. Markets widely see the Fed pushing rates higher at its final two meetings this year, taking the fed funds rate to 4.25 percent from the current 3.75 percent."

"Wednesday's calendar includes speeches by Fed Governor Donald Kohn, New York Fed President Timothy Geithner, Dallas Fed President Richard Fisher and Cleveland Fed President Sandra Pianalto, all around midday. The central bank releases the Beige Book of regional economic conditions at 2:00 pm EDT."