The U.S. dollar came in mixed against its major counterparts in the European session on Wednesday, after the release of the nation's consumer inflation data that showed a better than expected reading for the month of October.

Data from the Labor Department showed that consumer price index climbed by 0.4 percent in October after coming in unchanged in September. Economists had expected consumer prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after a 0.1 percent uptick in September. The uptick in core prices matched economist estimates.

The dollar declined early in the European session as Trump threatened to raise tariffs if a trade deal is not reached.

The President mentioned that the China deal could happen soon but didn't give details about progress on interim trade deal with China.

Trump blamed China for cheating on trade, thereby widening U.S. trade deficit from the past.

Fed Chair Jerome Powell will testify on the economy before the congressional Joint Economic Committee at 11:00 am ET.

The currency showed mixed trading against its major counterparts in the Asian session. While it was steady against the euro and the pound, it fell against the franc. Against the yen, it rose.

The greenback held steady against the franc, after having dropped to an 8-day low of 0.9893 at 5:00 am ET. At yesterday's close, the pair was worth 0.9930.

Reversing from a high of 109.15 seen at 3:30 am ET, the greenback declined to a 6-day low of 108.76 against the yen. Next key support for the currency is likely seen around the 106.00 level.

Data from the Bank of Japan showed that Japan's producer prices fell at a slower rate in October.

The producer price index fell 0.4 percent year-on-year in October, following a 1.1 percent decline in September. Economists had expected a 0.3 percent fall.

The greenback remained higher against the euro, with the pair trading at 1.1006. The greenback has set a new 4-week high of 1.0999 at 3:15 am ET. The greenback is poised to challenge resistance around the 1.09 mark.

Data from the Eurostat showed that Eurozone's industrial production decreased at the slowest pace in four months in September, which was also less severe than the fall economists had predicted.

Industrial production decreased 1.7 percent year-on-year following a 2.8 percent slump in August. Economists had forecast a 2.3 percent decline.

The greenback was trading higher at 1.2840 against the pound, up from a low of 1.2862 it recorded at 5:00 pm ET. The greenback is likely to face resistance around the 1.27 region, if it gains again.

Data from the Office for National Statistics showed that UK consumer price inflation eased more-than-expected in October.

The consumer price index rose 1.5 percent year-on-year following a 1.7 percent increase in September. Economists had expected the inflation rate to drop to 1.6 percent.

The U.S. monthly budget statement for October will be featured in the New York session.

At 11:00 am ET, Federal Reserve Chair Jerome Powell will testify on the economy before the Joint Economic Committee in Washington DC.

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