More pressure for the Dollar on Thursday as declines looked to extend against major rivals for a fourth day, impacted by Treasury yields at near fortnight-lows as recession fears mount. In contrast, the Japanese Yen rallied, edging up from 24-year lows against the Dollar.

The Dollar index, measuring the greenback against six peers, fell 0.07% to 104.14, bringing the fall since the end of last week to 0.44%. The currency has dropped 1.54% from the 20-year high of 105.79 hit last week as the Federal Reserve increased rates by 75 basis points.

Markets are increasingly worried about the prospect of a recession due to the Fed’s commitment to curbing soaring inflation, sending 10-year Treasury yields down to a two-week low, Reuters reports.

During his testimony to Congress, Fed Chair Jerome Powell said the central bank is committed to ensuring prices are under control, despite the risk of an economic downturn, adding that a recession was "certainly a possibility.”

Economists surveyed by Reuters forecast an additional 75-basis-point increase next month, and a 50-basis-point hike in September.

"Powell's semi-annual testimony has taken some steam out of the USD, his comments regarding elevated recession risk evidently weighing more than his unconditional commitment to restore price stability," according to Westpac strategists.

"But with 75bp still on the table for July and Fed Funds set to rise above 3% by year’s end, USD interest rate support should ultimately continue to build."

The greenback fell 0.56% to 135.47 Yen, edging away from a 24-year high of 136.71 hit on Wednesday.

Elsewhere, the Australian Dollar declined 0.47% to $0.68915. whilst there was little change for the Euro at $1.0564 and the Pound fell 0.1% to $1.2253.