US pre-open: Stocks seen touch higher ahead of Fed speak

US futures pointed to a marginally firmer open on Wall Street on Tuesday as investors looked ahead to more speeches from Federal Reserve officials.

At 1130 GMT, Dow Jones Industrial Average futures were up 0.1%, while S&P 500 and Nasdaq futures were 0.2% higher.

The dollar was down 0.9% versus the pound to 0.8021, as sterling shot higher after data showed UK inflation overshot the Bank of England's 2% target in February for the first time in more than three years.

Meanwhile, the greenback was 0.6% weaker versus the euro, which jumped to a six-week high after French centrist candidate Emmanuel Macro performed well in the country's first televised presidential debate.

Craig Erlam, senior market analyst at Oanda, said: "With economic data releases looking thin again today, focus will remain on the US central bank with three policy makers scheduled to make appearances. Of those appearing, William Dudley’s will be of most interest, with him being the only voter on the FOMC among them and his views closely correlated with those of Chair Janet Yellen. We’ll also hear from Esther George and Loretta Mester, both of whom are seen as being among the more hawkish of the Fed officials.

"As always, policy makers have been relatively non-committal on the next rate hike since last week’s meeting and I expect more of the same today. Investors continue to expect two more rate hikes this year, although the odds have slipped slightly since last week and June is just above 50% for the next hike, with two by December being also just above 50%."

In corporate news, Lucky Charms maker General Mills was among the companies slated to report earnings before the open, while results are due from Nike and FedEx after the close.

Housebuilder Lennar edged up in pre-market trade after its first-quarter earnings came in slightly ahead of analysts' expectations.

Investors will be looking ahead to more Fed speak later in the session, with Kansas City Fed President Esther George due to give a speech on the economy in Washington at 1600 GMT.

Meanwhile, Cleveland Fed’s Loretta Mester and Boston Fed’s Eric Rosengren will give speeches after the close of US markets.

Speaking in London earlier on Tuesday, New York Fed President William Dudley said banks have a “long way to go” to reform their corporate culture, according to a press report.

US current account figures for the fourth quarter are due at 1230 GMT.