The U.S. dollar weakened against other major currencies in the Asian session on Wednesday on news that Donald Trump Jr. released a chain of emails that led to his meeting with a Russian lawyer and indicate the Kremlin's support for President Donald Trump's campaign. Traders also remain cautious ahead of Federal Reserve Chair Janet Yellen's Congressional testimony later in the day. Her comments could have a significant impact on the outlook for interest rates ahead of the central bank's monetary policy meeting later this month.

In the Asian trading, the U.S. dollar fell to a 14-month low of 1.1489 against the euro, from yesterday's closing value of 1.1466. The greenback may test support near the 1.16 region.

Against the yen and the Swiss franc, the greenback dropped to 5-day highs of 113.32 and 0.9619 from yesterday's closing quotes of 113.94 and 0.9638, respectively. If the greenback extends its downtrend, it is likely to find support around 111.00 against the yen and 0.95 against the franc.

The greenback edged down to 1.2865 against the pound, from yesterday's closing value of 1.2845. On the downside, 1.30 is seen as the next support level for the greenback.

Looking ahead, U.K. jobs data and Eurozone industrial production, both for May, are to be released later in the day.

In the New York session, U.S. crude oil inventories data is set to be published.

At 10:00 am ET, Federal Reserve Chair Janet Yellen is expected to testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC.

The Bank of Canada will announce its monetary policy decision and monetary policy report followed by a press conference at 10:00 am ET. Economists expect the Central Bank to raise its main policy rate to 0.75 percent from 0.5 percent.

At 2:00 pm ET, U.S. Federal Reserve releases its Beige Book report.

At 2:15 pm ET, Federal Reserve Bank of Kansas City President Esther George is expected to speak on the economic outlook and the Federal Reserve's balance sheet before an economic forum hosted by the Federal Reserve Bank of Kansas City Denver Branch.

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