The U.S. dollar declined against its most major counterparts in the European session on Wednesday, as Alibaba's plan to split into six business units signalled an easing of Beijing's crackdown on the tech sector.

Alibaba decided to break up the company into six smaller entities and noted that most units will have the ability to raise outside capital and potentially seek an IPO.

The restructuring plan eased concerns about China's crackdown on private enterprises and triggered a rally in European stocks.

Worries about a banking crisis eased after top U.S. finance officials promised to use all tools for any size institution, as needed, to keep the financial system safe and sound.

The regulators defended decisions they made both before and after the collapse of SVB, noting the bank failed because its management failed to appropriately address clear interest rate risks and clear liquidity risks.

The benchmark yield on the 10-year note fell to 3.56 percent. Yields move inversely to bond prices.

The greenback touched 1.2361 against the pound, its lowest level since February 2. Next key support for the currency is likely seen around the 1.26 level.

The greenback was down against the franc, at 0.9164. On the downside, 0.90 is possibly seen as its next support level.

The greenback weakened to a 6-day low of 1.0871 against the euro and near a 4-week low of 1.3571 against the loonie, from its early highs of 1.0817 and 1.3616, respectively. The greenback may find support around 1.10 against the euro and 1.33 against the loonie.

In contrast, the greenback advanced to 132.39 against the yen, setting a 1-week high. The greenback is likely to find resistance around the 137.00 level.

The greenback edged up to 0.6661 against the aussie and 0.6228 against the kiwi, off its early 6-day lows of 0.6713 and 0.6270, respectively. The greenback is seen finding resistance around 0.64 against the aussie and 0.61 against the kiwi.

U.S. pending home sales for February are set for release in the New York session.

US Dollar vs Yen (FX:USDJPY)
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US Dollar vs Yen (FX:USDJPY)
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