Global stocks edged up on Wednesday in cautious trading ahead of U.S. consumer price data that could shift the country's monetary policy outlook, while investors waited to see if the earnings of big U.

The dollar fell to a one-week low as investors turned cautious ahead of U.S. inflation data later. U.S. inflation is expected to accelerate to 2.9% year over year in December but core inflation is seen unchanged at 3.

On Wednesday, a strong dollar rally slowed down as traders were a little more cautious. They awaited a crucial U.S. consumer inflation report that was expected later in the day, keeping investors from making their big moves.

SINGAPORE--The dollar’s towering rally hit a speed bump on Wednesday as traders turned cautious ahead of a closely watched U.S. consumer inflation report due later in the day, while the yen pulled ahead following remarks from Japan’s central bank chief.