The U.S. dollar fell against its major counterparts in pre-European trading on Friday, as investors await rate hike clues from Fed chair Janet Yellen in her speech in Jackson Hole symposium later today.

Investors are looking for hints about trajectory of interest rate hike from Yellen's address against the backdrop of improving U.S. data, hawkish comments from several Fed officials and looming global risks to the world's largest economy.

Commerce department will release second estimate of U.S. second quarter GDP data at 8:30 am ET. The economy is forecast to expand at an annualised pace of 1.1 percent, slightly slower than the initial estimate of 1.2 percent.

At 10:00 am ET, University of Michigan's final consumer sentiment for August is set for release. The index is expected to revise upward to 90.8, from preliminary reading of 90.4.

The currency has been trading in a negative territory in Asian deals.

The greenback fell to a 2-day low of 1.1308 against the euro at 2:15 am ET, compared to Thursday's closing value of 1.1279. The greenback is seen finding support around the 1.15 mark.

Survey results from the market research group GfK showed that German consumer sentiment is set to develop positively in September as Brexit vote seems to have caused only temporary uncertainty.

The forward-looking consumer climate index rose to 10.2 in September from 10.0 in August. The score was forecast to remain unchanged at 10.0 in September.

The greenback reversed from an early high of 100.59 against the yen and remained lower at 100.45. The next possible support for the greenback may be located around the 97.5 region.

Data from the Ministry of Internal Affairs and Communications showed that Japan's consumer prices fell 0.4 percent on year in July - in line with expectations and unchanged from June's annual reading.

Core CPI, which excludes volatile food costs, slid 0.5 percent on year - missing forecasts for -0.4 percent, which would have been unchanged.

The greenback retreated to 0.9648 against the franc and 1.3232 against the pound, from its early highs of 0.9683 and 1.3185, respectively. The greenback is seen finding support around 0.95 against the franc and 1.35 against the pound.

The greenback that rose to 0.7290 against the kiwi at 5:00 pm ET reversed direction and edged down to 0.7326. If the greenback extends decline, 0.75 is possibly seen as its next support level.

The greenback slid to 3-day lows of 0.7647 against the aussie and 1.2892 against the loonie, from its previous highs of 0.7615 and 1.2922, respectively. Continuation of the greenback's downtrend may see it challenging support around 0.78 against the aussie and 1.27 against the loonie.

Looking ahead, U.K. preliminary second quarter GDP data is due in the European session.

In the New York session, the second estimate of U.S. second quarter GDP data and the University of Michigan's final consumer sentiment index for August are set for release.

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