US dollarThe dollar weakened Wednesday as a drop in U.S. Treasury yields took the wind out of the greenback’s sails. Benchmark 10-Year Treasury yields fell nearly 7 basis points from a 10-month high hit on Tuesday following strong demand at a $38 billion 10-year auction and comments from U.S. Federal Reserve officials reiterating that monetary policy is going to stay supportive.

The U.S. House of Representatives is set to vote to impeach President Donald Trump over the recent turmoil in the U.S. Capitol. Vice President Mike Pence resisted pressure on Tuesday to invoke the 25th Amendment to remove Trump.

USD/JPY was down 0.1% at 103.64, EUR/USD rose 0.1% to $1.2215. GBP/USD climbed 0.3% to $1.3689, boosted by the Bank of England Governor Andrew Bailey talking down the prospect of negative rates.

Oil prices continued to climb Wednesday, boosted by industry data showing a larger-than-expected draw in U.S. inventories, again suggesting that the U.S. measures to contain the latest surge in the pandemic had had less effect on demand than those in Europe. The Energy Information Administration releases its data later Wednesday.

Gold was up on Wednesday morning as both the dollar and U.S. Treasury yields hitting the pause button in their recent rallies.

This Wednesday, the ECB will publish November Industrial Production, while ECB’s head, Christine Lagarde is scheduled to speak. Investors also await the U.S. inflation figures for December, with the Consumer Price Index to be released later in the day. Consensus calls for a 0.4% bump from the previous month’s 0.2%. The Fed’s December Beige Book is also due Wednesday.