The dollar rose again on Wednesday, helped by another day of relatively peaceful easy feelings on the trade-war front as well as rising Treasury yields. Echoing the wait-and-see approach policymakers have voiced over recent weeks, minutes of the Fed's May 6-7 meeting showed officials thought they were well positioned to await more clarity on the outlook and that the risks of higher inflation and higher unemployment had risen.

President Donald Trump he plans to negotiate aspects of the "big, beautiful" tax bill, expressing dissatisfaction with certain provisions while being satisfied with others.

His comments followed billionaire Elon Musk's criticism a day earlier.

The White House intends to Congress a small package as early as next week to formalize cuts made by billionaire Musk's team targeting federal government spending, according to a White House official familiar with the plan.

Trump also that he had warned Israeli Prime Minister Benjamin Netanyahu last week not to take actions that could disrupt nuclear talks with Iran.

U.S. Treasury yields rose 4-6 bp across maturities, with the 2s-10s curve steepening about 1.6bp.

The S&P 500 was down 0.17% in New York afternoon trade, easing back from a sharp rally in the previous session as investors awaited AI bellwether Nvidia's results.

WTI rose 1.74% as as agreed to leave their output policy unchanged and as production shut-ins from Canada raised supply concerns, while investors anticipated members of OPEC+ would agree to a production increase later this week.

Copper fell 1.27%, hurt by the stronger dollar and signs of slowing import demand in China.

Gold was little changed.

Heading toward the close: EUR/USD -0.29%, USD/JPY +0.36%, GBP/USD -0.27%, AUD/USD -0.27%, DXY +0.37%, EUR/JPY +0.07%, GBP/JPY +0.15%, AUD/JPY +0.13%.(by Burton Frierson )