The euro climbed against its most major counterparts in the European session on Thursday, as tepid U.S. consumer inflation data eased fears over an earlier tightening of U.S. monetary policy.

The latest data supported hopes that price pressures could be transitory and lessened concerns about an imminent tapering.

Richmond Federal Reserve Bank President Thomas Barkin said that more recovery in the labor market is needed to unwind stimulus measures.

European stocks were broadly higher amid strong corporate earnings results and deal making activity.

Data from Eurostat showed that Eurozone industrial production declined at a slower pace in June.

Industrial output was down 0.3 percent month-on-month, slower than the 1.1 percent decrease seen in May. This was the second consecutive fall. Economists had forecast a monthly drop of 0.2 percent.

On a yearly basis, industrial production growth eased to 9.7 percent in June from 20.6 percent in May.

The euro rebounded from a 2-day low of 129.50 against the yen and was trading at 129.70. The euro is likely to find resistance around the 131.00 level.

The euro hit 1.0828 against the franc, its highest level since July 26. The euro is seen finding resistance around the 1.10 level.

After falling to a 2-day low of 0.8453 at 5 pm ET, the euro edged up to 0.8476 against the pound. Should the euro continues its rise, 0.86 is possibly seen as its next resistance level.

The euro gained to 1.5959 against the aussie and 1.6720 against the kiwi, off its early lows of 1.5907 and 1.6654, respectively. If the euro continues its rise, 1.62 and 1.69 are possibly seen as its next resistance levels against the aussie and the kiwi, respectively.

The European currency hit 1.4698 against the loonie, setting a 2-day high. The euro may face resistance around the 1.48 level.

In contrast, the euro eased off from an early high of 1.1748 against the greenback, with the pair trading at 1.1735. On the downside, 1.15 is possibly seen as the next support level.

Looking ahead, U.S. producer prices for July and weekly jobless claims for the week ended August 7 will be published in the New York session.

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