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The U.S. dollar slipped against its major counterparts in the Asian session on Thursday, after the Fed Chair Janet Yellen signaled gradual rate hikes over time as inflation remains too low from the central bank's target.

Yellen's cautious note on inflation made investors lower their expectations on the pace of policy normalization.

In her Congressional testimony, Yellen hinted at "gradual rate hikes" in the next few years and backed the reduction of the size of its $4.5 trillion balance sheet later this year.

Monetary policy was not on a "preset course," Yellen said, adding that there are roughly equal odds that "the US economy's performance will be somewhat stronger or somewhat less strong than we currently project."

Although Yellen said that the inflation is expected to reach their 2% target, she noted that the Fed officials are ready to adjust policy in case of persistent inflation undershoot.

Yellen testifies before the Senate Banking Committee later in the day.

The greenback showed mixed performance on Wednesday. It rose against the euro and the franc, but fell against the yen and the pound.

The greenback that closed Wednesday's trading at 1.1411 against the euro and 0.9653 against the franc fell to 1.1456 and 0.9615, respectively. The next possible support for the greenback is seen around 1.16 versus the euro and 0.93 against the franc.

The greenback hit a 2-day low of 1.2925 versus the pound, compared to 1.2884 hit late New York Wednesday. If the greenback extends slide, 1.32 is likely seen as its next support level.

The greenback slipped to a 6-day low of 0.7305 against the kiwi, off its early high of 0.7246. Continuation of the greenback's downtrend may see it challenging support around the 0.75 area.

Reversing from an early high of 0.7675 against the aussie, the greenback fell to 0.7715, which was its lowest level since March 21. The greenback is poised to challenge support around the 0.79 region.

The greenback declined to 112.86 against the yen, its lowest since July 5. Further weakness may take the greenback to a support around the 111.00 mark.

Looking ahead, Canada new housing price index for May, U.S. PPI for June and U.S. weekly jobless claims for the week ended July 8 are slated for release In the New York session.

At 10:00 am ET, Federal Reserve Chair Janet Yellen testifies on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC.

At 11:30 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about the economy and monetary policy at the Annual Rocky Mountain Economic Summit in Idaho, U.S.

At 1:00 pm ET, Federal Reserve Governor Lael Brainard is scheduled to speak about monetary policy at the National Bureau of Economic Research, in Massachusetts.

At 2:00 pm ET, U.S. Federal monthly budget statement is slated to publish.