At 5.00 am ET Wednesday, Eurostat publishes euro area industrial production data for December. Output is forecast to fall 1.6 percent on month following a 0.2 percent rise in November.

Ahead of the data, the euro traded mixed against its major rivals. While the euro dropped against the franc and the pound, it held steady against the greenback. Against the yen, it rose. The euro was worth 1.0918 against the greenback, 120.08 against the yen, 1.0640 against the franc and 0.8414 against the pound as of 4:55 am ET.

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