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The U.S. dollar declined against its major counterparts in the European session on Wednesday, as the yield on 10-year treasury bonds has dropped below the rate on the 2-year equivalent, in a sign of an upcoming recession.

The difference between longer-dated and shorter-dated U.S. bond yields widened by 1 basis point for the first time since 2007.

The inversion of the U.S. yield curve is seen as an indicator of recession.

The move suggested mounting worries about the global economy as investors sought safe haven assets.

European shares fell as weak data from China and Germany overshadowed investor optimism over a temporary U.S.-China tariff truce.

A slew of Chinese economic data surprised to the downside in July while German GDP shrank 0.1 percent sequentially in the second quarter, raising concerns about the state of the global economy.

The currency was modestly higher in the previous session, as Washington delayed its plan to impose tariffs on certain Chinese goods from the proposed September 1 date.

The greenback depreciated to 105.78 against the yen, from a high of 106.77 hit at 5:00 pm ET. The greenback is seen finding support around the 104.00 level.

Having climbed to a 6-day high of 0.9770 against the franc at 12:45 am ET, the greenback reversed direction with the pair trading at 0.9711. The greenback is poised to find support around the 0.95 level.

The greenback slipped to 1.1189 against the euro, from a 2-day high of 1.1165 seen at 2:30 am ET. Next likely support for the greenback is seen around the 1.13 level.

Flash estimate from Eurostat showed that Eurozone economic growth halved in the second quarter, as initially estimated.

Gross domestic product grew 0.2 percent sequentially, following the first quarter's 0.4 percent expansion.

The greenback edged down to 1.2100 against the pound from Tuesday's closing value of 1.2058. If the greenback falls further, 1.22 is seen as its next support level.

Data from the Office for National Statistics showed that UK consumer price inflation accelerated unexpected in July, exceeding the central bank's 2 percent target.

Consumer prices climbed 2.1 percent year-on-year in July, faster than the 2 percent increase in June. Inflation was forecast to slow to 1.9 percent.

On the flip side, the greenback gained to 0.6425 against the kiwi from its early low of 0.6469. On the upside, 0.62 is possibly seen as the next resistance level for the greenback.

The greenback appreciated to a 6-day high of 1.3299 against the loonie and a weekly high of 0.6743 against the aussie from yesterday's closing quotes of 1.3223 and 0.6796, respectively. The next possible resistance for the greenback is seen around 1.35 against the loonie and 0.63 against the aussie.

The U.S. import and export price indices for July will be featured in the New York session.