The euro was higher against most major opponents in European deals on Tuesday, after Eurozone consumer prices logged only a marginal fall as expected in May, ahead of the European Central decision due Thursday.

Flash estimate published by Eurostat showed that consumer prices dropped 0.1 percent from last year as expected by economists after easing 0.2 percent in April. This was the second consecutive decline in prices.

Core inflation that excludes energy, food, alcohol and tobacco slowed slightly to 0.8 percent in May from 0.7 percent a month ago.

Energy prices slid 8.1 percent annually but slower than the April's 8.7 percent fall. The annual increase in food, alcohol and tobacco held steady at 0.8 percent.

Separate data from the same agency showed that the Eurozone jobless rate remained stable at the highest level in more than four years in April.

The unemployment rate came in at 10.2 percent in April, the same rate as seen in March, and in line with expectations. This was the lowest rate recorded in the euro area since August 2011

The European markets are trading in a negative territory, amid caution ahead of ECB rate setting meeting and OPEC gathering due this week.

Although the ECB is expected to keep policy unchanged, traders focus on more hints about the impact of latest stimulus measures on the economy at its interest rate decision in Vienna.

The euro showed mixed trading against its major rivals in Asian trading. While the euro declined against the pound and the greenback, it advanced against the yen. Against the franc, it held steady.

The 19-nation currency rose to 1.1151 against the greenback, heading closer to pierce its early 4-day high of 1.1155. The next possible resistance for the euro-greenback pair is likely seen around the 1.13 mark.

Following a weekly decline to 0.7573 against the pound at 11:45 pm ET, the euro climbed to a 4-day high of 0.7642. On the upside, the euro may find resistance around the 0.78 area.

The euro bounced off to 123.86 against the Japanese yen, off its early low of 123.40. The euro may violate its early Asian session's 2-week high of 124.14. If the euro rises further, 125.00 is likely seen as its next resistance level.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts expanded at the fastest pace in 10 months in April.

Housing starts grew by more-than-expected 9 percent year-on-year in April, the biggest growth since June 2015, when it climbed 16.3 percent. Economists had expected 4.1 percent growth after posting 8.4 percent increase in March.

Reversing from an early low of 1.4499 versus the loonie, the euro edged up to 1.4563. The euro is seen finding resistance around the 1.48 zone.

On the flip side, the euro declined to a new 2-week low of 1.1029 versus the Swiss franc and held steady thereafter. At Monday's close, the pair was valued at 1.1048. On the downside, 1.09 is possibly seen as the next support level for the euro-franc pair.

Looking ahead, Canada GDP for March, U.S. personal income and spending data for April, S&P/Case-Shiller home price index for March, Chicago PMI for May and consumer confidence index for May are slated for release in the New York session.

Euro vs US Dollar (FX:EURUSD)
Forex Chart
From Mar 2024 to Apr 2024 Click Here for more Euro vs US Dollar Charts.
Euro vs US Dollar (FX:EURUSD)
Forex Chart
From Apr 2023 to Apr 2024 Click Here for more Euro vs US Dollar Charts.