The Dollar News

The dollar has also been kept in check by political uncertainty as lawmakers investigate possible meddling by Russia in the 2016 presidential election and whether there was any collusion by Trump's campaign. 

The euro was effectively flat at $1.1639 EUR=, pulling back from a two-year high of $1.1712 hit on Tuesday on a stronger-than-expected German Ifo business survey. 

Expectations that the European Central Bank would begin phasing out its easy monetary policy sooner rather than later have supported the common currency this month. 

The dollar index against a basket of major currencies was little changed at 94.143 .DXY, after managing to put some distance between a 13-month low of 93.638 plumbed on Tuesday. 

The dollar was steady at 111.905 yen JPY= after surging about 0.7 percent overnight.

In commodities, crude oil extended its surge after jumping overnight on data showing a sharp fall in U.S. crude stocks last week.

U.S. crude CLc1 rose 1 percent to $48.38 a barrel and Brent added 0.8 percent to $50.62 a barrel LCOc1. 

Gold struggled as improved investor risk appetite curbed the precious metal's appeal. Spot gold XAU= was 0.15 percent lower at $1,246.52 an ounce following its ascent to a one-month peak of $1,258.79 on Monday.