The US economy released at 12:30 GMT, its reading for the consumer price index during May, which rose by 0.1%, in line with expectations of an increase by 0.1%, while lower than the previous reading of an increase by 0.3%.

The consumer price index, excluding food and fuel for the same month, rose by 0.1%, below expectations of a 0.2% gain, the same as the previous reading, which rose by 0.1%. This statement is negative for the US dollar.

Ethereum rose by more than 1.5% in spot trading today, to resume its gains that were temporarily halted yesterday, as this rise comes as most major currencies in the crypto market rebounded, while the world's second-largest cryptocurrency targets breaching the $260 mark. 

As of 11:45 GMT, Ethereum is trading around $249.45, up by $3.99, or 1.6%, from the opening of $245.46 , with the highest at $251.22 and the lowest at $243.00.

Yesterday, Ethereum lost 0.95%, due to correction and profit-taking after saw a 7% increase in the the previous day which is the highest daily gain since May 19.

The total market value of cryptocurrencies rose today by about $4billion to a total of $258 billion, with most major currencies prices on the market rebounding.

Most of the major cryptocurrencies in the market have rebounded on hopes that the upcoming Facebook project in the next few days will have potential that will surpass expectations, which will boost investor confidence in the crypto industry.

Meanwhile, in a joint statement, G20 finance ministers and central bank governors said "technological innovations, including basic crypto assets, can provide great benefits to the financial system and the global economy."

At the same time, "they warned regulatory authorities against risks in the crypto assets, especially those related to investor protection, anti-money laundering and terrorist financing."

US dollar fell on the European market on Wednesday against a basket of global currencies, continuing losses for the second day in a row, near its lowest level in two months, with the continuation of the greenback sell-off activity in light of the increasing likelihood for the Federal Reserve to cut interest rates this year, while In order to re-evaluate those possibilities, investors will be looking at key data in the US later in today.

The dollar index fell more than 0.1% to 96.53 points, from the opening level of 96.66 points, with the highest level at 96.72 points.

Yesterday, the index lost 0.1%, the third loss in the past four days, resuming losses that were temporarily halted the previous day within recovery from a two-month low of 96.39 points.

According to the FedWatch tool of the CME, the market is pricing the possibility of a US interest rate cut of around 78% in July and about 97.1% for cuts by December.

The prospects have recently increased widely as the weak economic data from the United States, which indicates that the country's economic growth has slowed in the second quarter of this year, as well as the administration of US President Donald Trump requesting lower interest rates.

Donald Trump on Tuesday criticized the rise in US interest rates and the policy of the Federal Reserve, saying “The Fed Interest rate way too high, added to ridiculous quantitative tightening! They don’t have a clue!”

in order to reassess those possibilities, investors are anticipating major US inflation data later in the day, which in case of a negative data release will reinforce those odds and widen the losses of the US dollar against a basket of currencies.

By 12:30 GMT, the US CPI is expected to rise by 1.9% in May from 2.0% in April, and the monthly reading is expected to show a rise by 0.1% while in the previous reading it rose by 0.3%.

European shares fell on Wednesday morning for the first time in four sessions, on correction and profit-taking from the highest level in five weeks, as well as the renewed fears about the possibility of an esclation of the trade war between the United States and China.

Stoxx Europe 600 fell by more than 0.4% at 10:59 GMT, while the index ended yesterday's session up by 0.3%, its third consecutive daily gain, hitting its highest level in five weeks, led by the strong rally of the German market and the support of incentive measures In China.

The Index fell on Wednesday morning for the first time in four sessions on correction and profit taking from the highest level in five weeks, with most of the major bourses and sectors in the negative region.

The energy sector led the list of losing sectors in Europe with a drop of more than 1.5% due to the fall in oil prices for the third day in a row in the global market, while also the sectors linked to the global trade declined.

US President Donald Trump defended tariffs on Tuesday as part of his trade strategy, and China vowed to respond harshly if Washington insisted on escalating trade tensions.

S&P 500 futures fell more than 0.3%, and the index ended yesterday's session on Wall Street stable with little change, after strong gains continued for six consecutive sessions.

Euro Stoxx 50 fell by 0.4%, while in France, the CAC 40 index fell 0.55%, with Germany's DAX losing 0.45%, and London's FTSE 100 fell 0.6%.