The U.S. dollar continued the downward trend against most major currencies on Wednesday while uncertainties increased on market concerns of the timing of Federal Reserve's tapering.

When the Fed would start to taper its monetary easing measures became more blurred following comments from several Fed officials. Atlanta and Chicago Fed presidents said they believed the U.S. central bank could begin trimming its asset purchases program later this year.

Cleveland Fed President Sandra Pianalto also said she would be ready to scale back the bond-buying program if the labor market continues on its current path of improvement, but she didn't specify the time.

The greenback has been under pressure since the Fed announced last week that it would continue its current monetary stimulus to bolster the slow economic growth and job creation.

The Bank of Japan started a two-day policy meeting on Wednesday and BOJ Governor Haruhiko Kuroda will hold a press conference on Thursday following the meeting.

The yen jumped to a seven-week high as it's speculated that the BOJ would not further ease monetary policy, which is beneficial to the yen.

The euro climbed against the dollar for a second day after official data showed German industrial production rose increased 2. 4 percent from May, when it dropped 0.8 percent.

The pound also strengthened against the dollar on expectations that the Bank of England will raise its benchmark interest rate from a record low.

In late New York trading, the euro rose to 1.3332 dollars from 1.3306 dollars of the previous session and the British pound increased to 1.5498 dollars from 1.5357 dollars. The Australian dollar climbed to 0.8990 dollars from 0.8985 dollars.

The dollar bought 96.38 Japanese yen, lower than 97.65 yen of the previous session. It edged down to 0.9217 Swiss francs from 0. 9259 Swiss francs and went up to 1.0423 Canadian dollars from 1. 0366 Canadian dollars.