The U.S. dollar fell against its major counterparts in the early European session on Wednesday, in the wake of growing concerns over a conflict in Syria as well as a U.S. strike against North Korea.

Geopolitical worries mounted after North Korea threatened to launch a nuclear attack on the U.S., if the Navy strike group that headed toward the Korean peninsula invades North Korea.

U.S. President Donald Trump wrote on Twitter that he explained to China last week that a trade deal with the U.S. will be far better for them if they solve the North Korean problem.

Meanwhile, U.S. Secretary of State Rex Tillerson arrived in Moscow with the aim of persuading Russia to drop its support for Syrian dictator Bashar Assad.

G 7 meeting of foreign ministers failed to impose sanctions on Russia over its support for Syria's alleged chemical attack on civilians.

"At the moment there is no consensus on new sanctions as an effective instrument," Italian Foreign Minister Angelino Alfano, who hosted the talks, said at the end of the two-day meeting.

Investors focus on import and export price indices due today, producer prices and University of Michigan's consumer sentiment on Thursday and consumer prices and retail sales on Friday for more clues about the health of the U.S. economy.

The currency held steady against its major rivals in the Asian session.

Reversing from an early high of 1.0595 against the euro, the greenback fell to 1.0624. The next possible support for the greenback is seen around the 1.08 region.

Data from Destatis showed that Germany's wholesale price inflation eased for the first time in five months in March.

Wholesale prices rose 4.7 percent year-over-year in March, slower than the 5.0 percent climb in February, which was the highest rate of increase since August 2011

The greenback edged down to 1.0060 against the Swiss franc, from a high of 1.0082 hit at 11:00 pm ET. Continuation of the greenback's downtrend may see it challenging support around the 0.99 level.

The greenback slipped to 1.2517 against the pound, its lowest since April 3. The greenback is seen finding support around the 1.275 mark.

The greenback that closed Tuesday's trading at 1.3326 against the loonie edged down to 1.3313. The next likely support for the greenback-loonie pair is seen around the 1.31 area.

Reversing from an early high of 0.7484 against the aussie, the greenback edged down to 0.7506 and held steady thereafter. On the downside, 0.77 is likely seen as the next support level for the greenback.

On the flip side, the greenback bounced off to 109.76 against the yen, from a 5-month low of 109.34 hit at 8:45 pm ET. If the greenback-yen pair extends rise, it may locate resistance around the 112.00 mark.

Data from the Bank of Japan showed that Japan's producer prices rose 0.2 percent on month in March.

That was shy of expectations for a gain of 0.3 percent, which would have been unchanged from February following an upward revision from 0.2 percent.

Looking ahead, U.S. import price index for March and U.S. crude oil inventories data are slated for release in the New York session.

At 10:00 am ET, the Bank of Canada's interest rate decision is due. Economists expect the bank to hold rates at 0.50 percent.

At 11:15 am ET, Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference on Monetary Policy Report in Ottawa.

At 10:00 am ET, Federal Reserve Bank of Dallas President Robert Kaplan will participate in moderated question-and-answer session before the Cornerstone Credit Union League Annual Meeting in Fort Worth, Texas.

At 2:00 pm ET, U.S. monthly budget statement is set to be published.

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