"The market was long of dollars and we have seen some unwinding of positions after Greenspan failed to reveal any surprises yesterday," said Tania Kostos, currency strategist at RBC Capital Markets.
At 1220 GMT, the dollar was down 0.25 percent against the euro at $1.3070 but steady against the yen at 105.40.
The dollar hit three-month highs against the euro and the yen last week and remains up against both currencies since the beginning of the year.
The dollar initially climbed on Wednesday after Greenspan said US interest rates remained "fairly low" despite six consecutive rate rises by the Federal Reserve since June. But its gains proved fleeting.
"The dollar is caught between two opposing camps, structural concerns and cyclical economic strength," said Lee Ferridge, senior proprietary trader at Rabobank.
The market will scrutinise US weekly jobless claims and US import-export prices for January, both out at 1330 GMT, and US leading economic indicators for January at 1500 GMT, for further clues on US economic growth and inflation.
The Philadelphia Federal Reserve Bank's February business activity survey is due at 1700 GMT.
"Our view remains that we will see 3.25 percent Fed funds by the end of June, with three more 25 basis point rate rises," Standard Chartered said in a research note.
The currency market showed little reaction to the Bank of Japan's decision to keep monetary policy unchanged on Thursday, though statements by central bank officials in recent weeks had sparked talk that the BoJ could alter its liquidity target.