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The dollar slipped 0.2 percent to 109.32 yen after dipping as low as 109.05 on Wednesday.

The euro edged down 0.1 percent to 122.38 yen, nursing its losses after dropping to lows of 121.91 overnight, its weakest since May 6.

Against the dollar, the euro was treading water at $ 1.1192 ahead of the European Central Bank's policy meeting later in the session. The ECB is widely anticipated to hold steady on monetary policy.

Yellen to testify on monetary policy to Senate panel on June 21

Federal Reserve Chair Janet Yellen is scheduled to testify to the Senate Banking Committee on the U.S. central bank's semiannual monetary policy report on Tuesday, June 21, the panel said.

In a statement on Wednesday, the committee said the hearing would be held at 10 a.m. ET.

Fed’s ‘beige book’ shows modest growth

The U.S. economy expanded at a modest pace across most of the country since mid-April, causing the labor market to tighten as employers continued adding jobs and nudging wages higher, a Federal Reserve report showed.

ECB seen firmly on hold, set to raise inflation forecast

Keeping interest rates firmly on hold, the European Central Bank will probably raise growth and inflation forecasts on Thursday, a rare positive step even as it emphasises persistent negative risks and a readiness to provide more stimulus.

The ECB is buying assets to the tune of 1.74 trillion euros ($1.94 trillion) to lift growth and boost inflation, which has been stuck in negative territory for months, raising the risk the 19-member currency bloc sinks into a deflation spiral.

US manufacturing sector barely better in May: ISM

US manufacturing activity picked up slightly in May but still showed weakness as the global economic slump continues to weigh, according to the Institute of Supply Management survey on Wednesday.

Echoing disappointing manufacturing readings in Europe and China, the ISM purchasing managers index for last month edged up to 51.3 from 50.8, still only slightly better than the 50 level which indicates no growth.

OPEC members seek joint action on oil output

Some members of the Organisation of Petroleum Exporting Countries including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets today (Thursday) in Vienna.

A senior OPEC source was quoted by Reuters to have said this, but Iran signalled the country was not ready for any such pact.

Crude oil futures slipped after a choppy session on Wednesday, as investors awaited developments from this week's OPEC meeting.

U.S. crude was down 0.5 percent at $48.77 a barrel, but remained above its overnight session low of $47.75. Brent percent was 0.3 percent lower at $49.59.

Reference: Washingtonpost, Reuters, Punchng