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The U.S. dollar was stuck near two-month lows on Wednesday as weak economic data bolstered views that the Federal Reserve is near the end of its tightening cycle, while the New Zealand dollar jumped after a larger-than expected interest rate hike.

The Canadian dollar edged lower against its U.S. counterpart on Tuesday, pulling back from an earlier seven-week high, as investors grew cautious ahead of a key level of technical resistance for the currency.

A look at the day ahead in markets from Ankur Banerjee.

Gold prices edged higher on Wednesday to touch their highest levels since March 2022 after weak U.S. economic data spurred safe-haven demand and expectations that the Federal Reserve might loosen its monetary policy trajectory.

Turkey is expected to record a current account deficit of $8.5 billion in February on back of high gold and energy imports, a Reuters poll showed on Wednesday, while the deficit was seen at $45 billion in 2023.

South Africa's rand edged higher on Wednesday ahead of the release of an economic survey that is expected to shed light on the business conditions in Africa's most industrialised economy.

A look at the day ahead in U.S. and global markets from Mike Dolan.

The euro zone recovery picked up pace last month but the upturn was uneven across industries and countries, according to a survey which showed price pressures remained elevated in the region.

The Canadian dollar is set to rally over the coming year, after a period in which it consolidates its recent gains, as an expected slowdown in economic activity stops short of a hard landing for the economy, a Reuters poll showed on Wednesday.

South African stocks fell on Wednesday after U.S. data showed a decline in job openings, while the rand weakened against the dollar.