Premarket: Stocks gain on rate-cut wagers as BoC decision, ECB meeting loom

World shares rose on Wednesday and the U.S. dollar steadied with a European Central Bank policy meeting coming into focus following softEyes were on the Bank of Canada’s policy meeting later this morning with traders expecting the central bank to begin its rate-cutting cycle.

“Now, we’ll need to see the impact that rate cuts will have on domestic demand and the economic recovery.” Data on Tuesday showed U.S. job openings fell more than expected in April to the lowest level in more than three years, a sign that labor market conditions are softening. The market focus will also be on the U.S payrolls report due on Friday. Wall Street futures pointed higher.

The dollar’s relentless strength in the recent past will make way for minor weakness over the next 12 months, according to a Reuters poll of strategists who generally agreed the dollar was overvalued.

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