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• The euro rose on Wednesday, buoyed by reports that Italy may be open to reviewing its draft budget for 2019, potentially easing a confrontation with the European Union.

The European Commission is set to take the first step on Wednesday towards disciplining Italy over its draft fiscal plan.

But a report that Italian Deputy Prime Minister Matteo Salvini may be open to reviewing the government's 2019 budget helped support Italian government bond markets and the euro on Wednesday.

The newspaper La Stampa said Salvini was ready to reduce the planned spending on a citizen's income and the unwinding of a previous pension reform.

The European Union announced it will look to sanction Italy with a fine after the country refused to submit a budget proposal that squares with its rules.

At 03:27 p.m. EST, the euro traded up 0.15 percent at $1.1387. The single currency has risen in six out of the last seven sessions.

The euro's strength weighed on the dollar index, a measure of performance against six major currencies, which fell 0.12 percent to96.71. The index gained 0.65 percent the day before.

• "The potential for a further tussle between Rome and Brussels can have an impact on the overall Eurozone economic growth, which will keep the euro under pressure," said Michael McCarthy, chief markets strategist at CMC Markets. 

• The British pound traded down 0.08 percent at $1.2776 after losing 0.5 percent against the dollar on Tuesday. The pound is expected to trade sideways until the market gets more clarity on progress in the Brexit deal.

• U.S. government debt yields rose on Wednesday as stability in equities ahead of the Thanksgiving holiday curbed a pivot into the relative safety of the government debt market.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 3.065 percent, while the yield on the 30-year Treasury bond was also higher at 3.317 percent

• Twelve U.S. Republican Senators on Wednesday urged President Donald Trump to submit the deal to update the North American Free Trade Agreement to Congress for passage by year-end, before Democrats assume control of the House of Representatives.

• Saudi Arabia was presumed to be guilty over the murder of journalist Jamal Khashoggi without people knowing the facts or waiting for investigations to be completed, Saudi Arabia's Foreign Minister Adel al-Jubeir told CNBC on Wednesday.

"Saudi Arabia was declared guilty without people seeing evidence, without people knowing the facts," Al-Jubeir said, speaking to CNBC's Hadley Gamble in Riyadh.

"This has continued since. We have seen leaks in the media, out of Turkey and out of Qatari-owned news entities that are disparaging of the kingdom and we see a lot of accusations thrown at the Kingdom of Saudi (Arabia), but they are not true."

• Oil prices rose as much as 4 percent on Wednesday, recovering from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.

Brent crude, the global benchmark, was up 81, or 1.3 percent, at $63.34 per barrel at 2:30 p.m. ET. Brent fell to a low going back to December 2017 in the previous session.