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The dollar was broadly lower early on Thursday after comments from Federal Reserve Chair Janet Yellen gave investors no reason to change their minds that the next rate hike will be a long time coming.

Sticking largely to the script, Yellen made clear the central bank remained on a path of 'gradual' policy tightening. Yet she also highlighted growing risks facing the economy.

That gave currency investors the green light to continue the current trading theme; buy the safe-haven yen. As a result, the dollar came within a whisker of 113.00 yen JPY=, reaching a low not see since November 2014. It was last at 113.49.

Against the greenback, the common currency held near $1.1300 and stayed within reach of a three-month high of $1.13385 set earlier in the week.

- Prior to this address, the central bank hinted that it could still raise rates in March. However now that Yellen testified to Congress that the increases would be gradual, many analysts believe that the next rate hike will occur much later in the year.

The Federal Reserve is unlikely to reverse its plan to raise interest rates further this year,but tighter credit markets, volatile financial markets, and uncertainty over Chinese economic growth have raised risks to the U.S. economy, Fed Chair Janet Yellen told U.S.lawmakers on Wednesday.

"I don't expect the (Federal Open Market Committee) is going to be soon in the situation where it is necessary to cut rates," Yellen said. "There is always a risk of a recession...and global financial developments could produce a slowing in the economy," she added.

Yellen said she expected continued U.S. economic growth would allow the Fed to pursueits plan of "gradual" rate hikes, but her comments kept the central bank's options open.

"I think we want to be careful not to jump to a premature conclusion about what is in storefor the U.S. economy. I don't think it is going to be necessary to cut rates."

"The general message she intended to deliver is that additional rate hikes remain the base case, but markets have to stabilise before we see more," said Cornerstone Macro analyst Roberto Perli.

"While the Fed is in a waiting mode to see how those risks play out, we don't see Fed hikes being priced in again anytime soon," analysts at BNP Paribas wrote in a note to clients.

- Brent crude prices settled up 52 cents, or 1.72 percent, at $30.84 a barrel. U.S. crude settled down 49 cents, or 1.75 percent, at $27.45 a barrel.

- Oil prices slid on Thursday as record U.S. crude inventories and worries about a global economic slowdown weighed on markets, and Goldman Sachs said prices would remain low and volatile until the second half of the year.

Reference: Reuters