The U.S. Labor Department's Producer Price Index or PPI for April will be issued at 8.30 am ET Wednesday. The consensus is for increase of 0.3 percent, unchanged from the previous month.

Ahead of the data, the greenback declined against its major rivals.

The greenback was worth 109.62 against the yen, 1.0011 against the franc, 1.1877 against the euro and 1.3592 against the pound as of 8:25 am ET.

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