The USD fell to its lowest level in 3 weeks on Wednesday, pressured lower by a stronger Euro and increased concerns that Republicans will not be able to push through a tax overhaul this year.

The U.S. dollar index was down 0.27% to 93.47 by 10:56 GMT, after hitting an intraday low of 93.36, matching its lowest level since October 26.

Uncertainties over tax measures have hit the dollar in recent sessions, sending it down by more than 1% since last week.

The recent weakness has occurred despite that markets have fully priced in a rate hike by the Federal Reserve at its December meeting. The odds pass the 50% threshold for an additional increase next year in June.

Later today, the U.S. Commerce Department will publish October inflation figures at 13:30 GMT Wednesday. Market analysts expect consumer prices to rise 0.1%, while core inflation is forecast to inch up 0.2%. Rising inflation would be a catalyst to push the Fed toward raising interest rates.

At the same time, the Commerce Department will publish data on retail sales for October. The consensus forecast is that the report will show retail sales increased 0.1% last month. Core sales are forecast to gain 0.2%.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for as much as 70% of U.S. economic growth.

Asian equities ended Wednesday in the red as concerns about U.S. tax reform continued to weigh on equities. Japan’s Topix closed lower for a fifth straight day, its longest bearish run since September 2016, while the benchmark Nikkei 225 fell 1.6%, a sixth consecutive day of losses and its longest losing streak since May 2016.

European bourses on Wednesday were on track for their longest losing streak in more than a year as buyer exhaustion began to weigh on stocks with traders taking protective positions ahead of fears of a correction.

U.S. futures also pointed to a lower open on Wednesday although the Dow closed a day earlier in what was only its second day of losses.

Oil prices fell by around 1% on Wednesday, continuing Tuesday's slide after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets.

U.S. crude oil futures slid 1.15% to $55.06 at 10:57GMT, while Brent oil traded down 1.17% to $61.48.

Traders were also wary ahead of weekly supply data later in the day. The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended November 10 at 15:30 GMT.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by 6.5 million barrels last week. That compared with analysts' expectations for a decline of around 2.2 million barrels.

Venezuela, a nation spiraling into a humanitarian crisis, has missed a debt payment. It could soon face harsh consequences.

The South American country defaulted on its debt, according to a statement issued Monday night by S&P Global Ratings. The agency said the 30-day grace period had expired for a payment that was due in October.

A debt default risks setting off a dangerous series of events that could exacerbate Venezuela's food and medical shortages.

If enough holders of a particular bond demand full and immediate repayment, it can prompt investors across all Venezuelan bonds to demand the same thing. Since Venezuela doesn't have the money to pay all its bondholders right now, investors would then be entitled to seize the country's assets - primarily barrels of oil - outside its borders.

Venezuela has no other meaningful income other than the oil it sells abroad. The government, meanwhile, has failed for years to ship in enough food and medicine for its citizens. As a result, Venezuelans are waiting hours in line to buy food and dying in hospitals that lack basic resources.