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After seeing early strength, the value of the U.S. dollar has given back ground over the course of trading on Wednesday.

The dollar index indicating the value of the greenback relative to a basket of foreign currencies is marginally higher at 96.69 after reaching a high of 96.98, its highest intraday level in over a year.

Currently, the U.S. dollar is trading at 110.55 yen compared to the 111.15 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1343 compared to yesterday's $1.344.

The greenback initially benefited from its appeal as a safe haven amid renewed concerns about Turkey after the Turkish government announced an increase in tariffs on American cars, alcohol and cigarettes.

The move is likely to intensify the dispute between the U.S. and Turkey, which recently dragged the Turkish lira down to a record low.

Meanwhile, in an effort to deter short-selling in the nation's currency, Turkey's banking regulator said it would limit banks' currency swap transactions.

The clash between the U.S. and Turkey also comes amid the ongoing trade dispute between the U.S. and China, which has raised concerns about the global economy.

Traders are also digesting a slew of U.S. economic data, including a report from the Federal Reserve showing a smaller than expected increase in industrial production in the month of July.

The Fed said industrial production inched up by 0.1 percent in July after jumping by an upwardly revised 1.0 percent in June. Economists had expected production to rise by 0.3 percent.

A separate report from the Commerce Department showed retail sales climbed by more than expected in July, although the report also showed a significant downward revision to the sale growth in June.

The Commerce Department said retail sales rose by 0.5 percent in July compared to economist estimates for a 0.1 percent uptick.

However, the report also showed the increase in retail sales in June was downwardly revised to 0.2 percent from the 0.5 percent previously reported.

Partly reflecting growing affordability concerns, the National Association of Home Builders also released a report showing a modest deterioration in homebuilder confidence in the month of August.

The report said the NAHB/Wells Fargo Housing Market Index edged down to 67 in August from 68 in June, matching economist estimates.

Trading on Thursday may be impacted by developments regarding Turkey as well as U.S. economic reports on weekly jobless claims, housing starts, and Philadelphia-area manufacturing activity.