Dollar pulls back from nine-day low as pound's rally tapers off

Tech stocks lead rebound as Boeing tumbles anew

US dollar fell in late trading on Wednesday, amid big gains in the British pound.

Most US stocks edged higher and the dollar slipped on speculation an unexpectedly weak inflation reading will give the Federal Reserve room to stay patient on rate hikes. Its shares retreated for part of the session after first Canada and then the United States said they were grounding 737 MAX jets, following steps already taken by Europe and other nations.

The UK's benchmark FTSE 100 closed flat, FTSEurofirst 300 ended the day up by 0.63 percent, Germany's Dax ended up by 0.5 percent, and France's CAC finished the up by 0.7 percent.

The grounding gives Boeing time to address any problems and not face another potential disaster, said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY.

A Fed on hold for hiking rates suggests concern about economic growth, which can be seen in a narrowing gap between 10-year and two-year US Treasury yields, Geraghty said.

US stocks rose on Wednesday, led by gains in healthcare shares, and Boeing shares edged upward even as the United States grounded the company's 737 MAX jets after a fatal crash in Ethiopia.

On Wall Street, the Dow Jones Industrial Average rose 155.29 points, or 0.61 percent, to 25,709.95. The S&P 500 gained 19.4 points, or 0.69 percent, to 2,810.92 and the Nasdaq Composite added 52.37 points, or 0.69 percent, to 7,643.41. It tumbled as much as 1.1% versus the dollar as Attorney General Geoffrey Cox said the risks surrounding the Irish backstop - a major sticking point for those who support Brexit - were unchanged. Lawmakers voted to avoid a no-deal split on Wednesday in a decision welcomed by markets, although it did little to suggest what kind of Brexit a majority might support.

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GBP/USD: Sterling rose sharply higher against dollar on Wednesday, after British lawmakers voted resoundingly against leaving the European Union in 16 days' time without a transition agreement.

U.S. Treasury yields rose after falling the previous session as risk appetite improved and equity markets steadied.

The dollar index hovered near a seven-day trough hit after the inflation data against a basket of major currencies Against the Japanese yen, the greenback gained slightly to 111.44. "So some of these are just rebound after that", said Stan Shipley, fixed income strategist at Evercore ISI in NY. U.S. producer prices barely rose in February, the U.S. Labor Department reported on Wednesday, resulting in the smallest annual increase in more than 1-1/2 years.

US crude stocks fell last week as refineries hiked output, the US Energy Information Administration said. But sentiment is now positive given the sharp year-to-date gains for China (nearly 20%), although the rally here has stalled a little over the past few days, while in the U.S. the S&P 500 hit a new high for the year yesterday.

Gold climbed 0.7 percent to $1,311.06 an ounce, the highest in nearly two weeks.

Oil prices extended overnight gains with USA crude up 15 cents per barrel at $58.41 and Brent adding 22 cents to $67.77.

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