Reuters

The dollar wobbled against its peers on Wednesday, edging further away from a 10-week high scaled recently amid speculation that President Donald Trump’s tax overhaul plan would stall, with a buoyant euro adding further pressure.

The current broad-based global economic upswing will likely be sustained this year and next, the International Monetary Fund said on Tuesday, with gains in most of the world offsetting sluggish outcomes in the United States, Britain and India.

Oil rose to around $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.

Asian shares rose on Tuesday, shrugging off modest losses on Wall Street, while expectations of another U.S. interest rate increase this year continued to underpin the dollar.

China’s onshore and offshore yuan jumped against the U.S. dollar on Tuesday morning to their strongest level in more than two weeks, breaching a key psychological threshold, but gave back some gains at midday on corporate bargain-hunting for dollars.

Oil prices were stable on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate.

World shares edged lower on Monday after key German and U.S. indexes hit fresh record peaks, while oil prices rose slightly on comments by OPEC’s secretary general that indicated further possible cuts in crude production.

Oil prices inched higher on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the possibility of continued action to restore market balance in the long term.

Britain and its European Union partners clashed on Monday over which side should make the next move to unblock Brexit talks, despite concerns they will miss a deadline for a divorce deal and that London is heading for a chaotic departure.

World shares rose on Monday, with Chinese stocks hitting 21-month highs and the German index setting a new record, while political uncertainty triggered big moves in sterling, the Turkish lira and Spanish debt.