Stocks inch lower, dollar firm as Fed focus intensifies; crypto soars

FILE PHOTO: Pedestrians walk past an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar outside a brokerage in TokyoTOKYO - Asian stocks drifted lower while the dollar held firm on Tuesday as investors awaited minutes of the Federal Reserve's latest policy meeting to gauge the timing and extent of possible interest rate cuts this year.

Traders rushed to rebuild easing bets after data earlier this month showed consumer price pressures mitigated in April, following a string of three months of upside surprises at the start of the year. Gold eased 0.2% to about $2,420 per ounce, after pushing to the cusp of $2,450 for the first time overnight.

Meanwhile, the standout performers of Monday continued their rise, as traders snapped up cryptocurrencies following a report that the SEC had abruptly asked exchanges that want to trade ether ETFs to update regulatory filings, boosting bets that approval could come this week.

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