The dollar is losing ground against all of its major rivals Wednesday afternoon, but the losses are most pronounced against the British pound. U.K. Prime Minister Theresa May asserted that she would battle the no confidence vote on her leadership, scheduled to be held at the House of Commons this evening. Ahead of the vote, the majority of lawmakers have voiced their support for May.

Meanwhile, President Donald Trump expressed optimism about striking a trade deal with Chinese President Xi Jinping in an interview with Reuters on Tuesday.

Trump noted that trade talks between U.S. and Chinese officials were underway by telephone and suggested more meetings are likely.

"We'll probably have another meeting. And maybe a meeting of the top people on both sides," Trump said. "If it's necessary, I'll have another meeting with President Xi, who I like a lot and get along with very well."

Trump also indicated he would be willing to intervene with the Justice Department in the case against Huawei Chief Financial Officer Meng Wanzhou if it would help secure a trade deal with China.

The buck has dropped to around $1.2625 against the pound sterling Wednesday afternoon, from an early high of $1.2476.

With a sharp pullback in gasoline prices offsetting increases in other prices, the Labor Department released a report on Wednesday showing consumer prices came in flat in the month of November. The Labor Department said its consumer price index was unchanged in November after rising by 0.3 percent in October. The unchanged reading matched economist estimates.

The dollar slipped to around $1.1365 against the Euro Wednesday afternoon, from an early high of $1.1315.

Eurozone's industrial production grew in October after a slump in the previous month, suggesting that economic growth may gain some steam towards the end of the year, yet remain sluggish.

Industrial production rose 0.2 percent from September, when it declined 0.6 percent, which was revised from 0.3 percent, figures from Eurostat showed on Wednesday. The growth was in line with economists' expectations.

The greenback reached a high of Y113.519 against the Japanese Yen Wednesday morning, but has since retreated to around Y113.230.

Producer prices in Japan were down 0.3 percent on month in November, the Bank of Japan said on Wednesday. That missed expectations for a decline of 0.1 percent following the 0.4 percent increase in October.

Core machine orders in Japan were up 7.6 percent on month in October, the Cabinet Office said on Wednesday, worth 863.2 billion yen. That was shy of expectations for an increase of 9.7 percent following the 18.3 percent plunge in September.

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