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The U.S. dollar recouped its early losses against its major counterparts in the European session on Thursday, as data showed that the nation's consumer inflation unexpectedly rose in June and weekly jobless claims unexpectedly fell in the week ended July 6.

Data from the Labor Department said its consumer price index inched up by 0.1 percent in June, matching the slight increase seen in May. Economists had expected consumer prices to come in unchanged.

Excluding food and energy prices, core consumer prices rose by 0.3 percent in June after inching up by 0.1 percent for four consecutive months. Core prices had been expected to edge up by 0.2 percent.

Separate data showed that first-time claims for U.S. unemployment benefits unexpectedly fell in the week ended July 6.

The report said initial jobless claims dropped to 209,000, a decrease of 13,000 from the previous week's revised level of 222,000. Economists had expected jobless claims to inch up to 223,000.

Federal Reserve Chairman Jerome Powell is scheduled to testify before the Senate Banking Committee shortly.

The currency was trading lower prior to data, extending its previous session's decline, following dovish remarks from Federal Reserve Chairman Jerome Powell, who kept the option for a rate cut on the table amid concerns about the U.S. economy.

The June FOMC minutes also showed increasing support for lowering rates amid increased economic uncertainties and muted inflation pressures.

The greenback bounced off to 108.33 against the yen, from a 6-day low of 107.86 it touched at 11:15 pm ET. The next possible resistance for the greenback is seen around the 111.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity declined in May after rebounding in the previous month.

The tertiary activity index fell 0.2 percent month-on-month in May, reversing a 0.8 percent rise in April. Economists had expected a 0.1 fall.

After falling to a 6-day low of 0.9845 at 8:15 am ET, the greenback rose back to 0.9878 versus the franc upon these data. If the greenback rises further, 1.00 is seen as its next resistance level.

The greenback was trading higher at 1.1257 against the euro, up from a 6-day low of 1.1286 set at 8:00 am ET. On the upside, 1.10 is likely seen as the next resistance for the greenback.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated in June.

Consumer prices advanced 1.6 percent year-on-year in June, faster than the 1.4 percent increase in May.

The greenback recovered to 0.6666 against the kiwi, 0.6970 against the aussie and 1.3070 against the loonie, from its early 6-day low of 0.6689, 3-day low of 0.6988 and a weekly low of 1.3042, respectively. The currency is likely to challenge resistance around 0.645 against the kiwi, 0.675 against the aussie and 1.32 against the loonie.

In contrast, the greenback was steady against the pound, after having dropped to a 6-day low of 1.2571 at 7:00 am ET. The pair was worth 1.2499 at yesterday's close.

Data from the Royal Institution of Chartered Surveyors showed that UK house price balance improved unexpectedly in June as buyers for property increased for the first time since late 2006.

The house price balance rose to -1 percent in June from -9 percent in the previous month. The score was forecast to fall to -12 percent.

The U.S. monthly budget statement for June is due in the New York session.

Federal Reserve Chairman Jerome Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee in Washington DC at 10:00 am ET.

At 1:30 pm ET, Federal Reserve Governor Randal Quarles will deliver a speech about financial regulation and monetary policy at an event hosted by the Bipartisan Policy Center in Washington DC.