The Australian and NZ dollars slipped against their major counterparts in early European deals on Friday, as European shares dropped on disappointing earnings updates and investors digested comments by ECB President Mario Draghi at the Frankfurt European Banking Congress.

The German DAX was down 0.1 percent, France's CAC 40 index was declining 0.2 percent and the U.K.'s FTSE 100 was losing 0.3 percent.

Speaking in Frankfurt, the European Central Bank President Mario Draghi defended the bank's monetary policy, saying there is little evidence that the monetary policy is currently doing harm to banks' profitability.

"If there are any negative effects of low rates on net interest income in the future, they should be largely offset by the positive effects of monetary stimulus on the other main components of profitability, such as the quality of loans and therefore on loan-loss provisions," he told.

In the U.S., Special Counsel Robert Mueller issued subpoena to over a dozen top campaign officials in mid-October, calling for documents and emails related to Russia, the Wall Street Journal reported.

Investors look ahead to U.S. housing starts data due for release later in the day for more direction.

In economic front, data from Statistics New Zealand showed that NZ's output producer price index rose 1.0 percent on quarter in the third quarter of 2017.

That followed the 1.3 percent increase in the previous three months.

Both the aussie and the kiwi dropped against their major rivals in the Asian session.

The kiwi weakened to a 1-1/2-year low of 0.6783 against the greenback, off its early 2-day high 0.6883. The next possible support for the kiwi is seen around the 0.66 region.

The kiwi slipped to a 6-month low of 76.36 versus the yen, 3-day low of 1.1130 versus the aussie and more than a 2-year low of 1.7386 against the euro, from its early highs of 77.51, 1.1043 and 1.7166, respectively. If the kiwi extends decline, 75.00, 1.12 and 1.75 are likely seen as its next support levels against the yen, the aussie and the euro, respectively.

Simultaneously, the aussie declined to a 1-1/2-year low of 1.5638 versus the euro, near 5-month lows of 0.7542 versus the greenback and 84.87 versus the yen, coming off from its early highs of 1.5504, 0.7608 and 85.85, respectively. The aussie may possibly challenge support around 0.73 against the greenback, 83.00 against the yen and 1.58 against the euro.

The aussie hit 0.9617 against the loonie, its lowest since July 2016. Next key support for the aussie-loonie pair is seen around the 0.94 mark.

Looking ahead, at 8:00 am ET, Deutsche Bundesbank President Jens Weidmann speaks at the Frankfurt European Banking Congress.

In the New York session, Canada CPI, U.S. housing starts and building permits for October are due.

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