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The U.S. dollar declined against its major counterparts in the European session on Wednesday, as investors fretted over an inversion in the U.S. bond yield curve, which is perceived as an indication of a possible recession in the U.S.

The 10-year U.S. Treasury Bond yield slumped 2.37 percent, its lowest level since mid-December 2017.

The recent downturn in long-term debt yields, with the U.S. 10-year Treasury yield falling below that of the 3-month bill for the first time since 2007 last week, renewed fears over a slowdown in economic growth.

Overnight data showed that U.S. home building fell more than expected in February and the consumer confidence index also declined, adding to worries about slowing economy.

On the economic front, U.S. trade figures are due at 8.30 am ET, followed by the current account balance at 10 am ET.

The currency was higher against its major counterparts in the Asian session, barring the yen.

The greenback declined to 110.24 against the yen, from a 5-day high of 110.71 hit at 3:45 am ET. The greenback is seen challenging support around the 108.00 region.

The U.S. currency fell to a 6-day low of 0.9905 against the franc, following a 5-day peak of 0.9966 touched at 3:45 am ET. On the downside, 0.98 is likely seen as the next support for the greenback.

The greenback edged down to 1.1286 against the euro, reversing from a new 2-week high of 1.1247 seen at 3:45 am ET. Next key support for the greenback is likely seen around the 1.14 region.

European Central Bank President Mario Draghi said that the bank's monetary policy stance remained accommodative in the face of weaker growth outlook for the euro area.

Speaking at the ECB Watchers conference in Frankfurt, Draghi said, "We are now seeing a more persistent deterioration of external demand."

The greenback reversed from an early high of 1.3166 against the pound, declining to 1.3231. If the greenback declines further, 1.34 is likely seen as its next support level.

On the flip side, the greenback appreciated to 1.3415 against the loonie, coming off from a low of 1.3377 set at 5:15 am ET. The greenback is poised to find resistance around the 1.36 region.

After a brief pause, the greenback resumed its strength against the aussie, touching a 2-day high of 0.7091. The greenback is likely to challenge resistance around the 0.69 level.

The greenback rose back to 0.6799 against the kiwi, not far from more than a 2-week high of 0.6793 seen at 4:25 am ET. Continuation of the greenback's uptrend may see it challenging resistance around the 0.66 area.

Looking ahead, U.S. and Canadian trade data for January and U.S. current account data for the fourth quarter are scheduled for release in the New York session.