At 5.00 am ET Thursday, Ifo business confidence from Germany and composite PMI from euro area are due. The business sentiment index is seen falling to 114.6 in March from 115.4 in February.

Ahead of these data, the euro retreated from its early highs against its major rivals.

The euro was worth 130.71 against the yen, 1.1706 against the franc, 0.8726 against the pound and 1.2361 against the greenback as of 4:55 am ET.

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