The U.S. dollar weakened against other major currencies in the Asian session on Friday, as the U.S. Federal Reserve Chair Janet Yellen showed no hints to raise interest rates.

While speaking at the Stanford Institute for Economic Policy Research Yellen said,"Even if the labor market is not overheated currently, one might worry that overheating could rapidly emerge as labor market conditions strengthen further, causing inflation to surge. I consider this unlikely for several reasons."

Yellen also said that if the labor market that had kept unemployment elevated, it is likely to keep rates lower.

Investors are cautiously awaiting for the U.S. President-elect Donald Trump's inauguration later in the day.

Thursday, the U.S. dollar showed mixed trading against its major rivals. While the U.S. dollar rose against the euro, the Swiss franc and the yen, it held steady against the pound.

In the Asian trading, the U.S. dollar fell to 2-day lows of 1.0694 against the euro, 1.2372 against the pound, and 1.0036 against the Swiss franc, from yesterday's closing quotes of 1.0663, 1.2343 and 1.0036, respectively. If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro, 1.26 against the pound, and 0.99 against the franc.

Against the yen and the Canadian dollar, the greenback dropped to 114.53 and 1.3284 from yesterday's closing quotes of 114.85 and 1.3318, respectively. The greenback may test resistance around 111.00 against the yen and 1.30 against the loonie.

Looking ahead, the German PPI for December is due to be released in the pre-European session at 2:00 am ET.

U.K. retail sales data for December is slated for release later in the day.

In the New York session, Canada CPI data for December, retail sales data for November and U.S. Baker Hughes rig count data are set to be published.

At 9:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook, in New Jersey.

Later in the day, US President-Elect Donald Trump is expected to speak at the 58th Presidential Inauguration in Washington DC.

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