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The euro dropped against its major counterparts in the European session on Thursday, after minutes from the latest European Central Bank meeting showed that policymakers agreed that significant monetary policy stimulus was still needed for convergence of inflation towards the Governing Council's goal.

"There was wide agreement among members that an ample degree of monetary stimulus was still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term," the minutes of the bank's June 13-14 meeting showed.

At the meeting, the Governing Council decided to halve its monthly asset purchases to EUR 15 billion after September and to eventually stop them at the end of the year.

The bank also signaled that the interest rates will remain at their present levels through the summer of 2019.

"In the light of prevailing uncertainties that could put a sustained convergence of inflation at risk, it was widely considered prudent to stress the Governing Council's continued readiness to adjust all of its instruments," the minutes said.

Data from Eurostat showed that Eurozone industrial production increased at a faster-than-expected pace in May, after falling in the previous month.

Industrial output climbed a seasonally adjusted 1.3 percent month-over-month in May, reversing a 0.8 percent fall in April, revised from a 0.9 percent decline reported earlier. That was just above the 1.2 percent rise economists had forecast.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the pound, it held steady against the greenback and the franc.

The single currency retreated to 131.12 against the yen, from more than a 2-month high of 131.47 seen at 6:30 am ET. On the downside, 130.00 is possibly seen as the next support level for the euro.

The euro pared gains to 1.1635 against the Swiss franc, reversing from a high of 1.1656 set at 6:30 am ET. The euro is seen finding support around the 1.14 level.

The euro declined to a weekly low of 1.1650 against the greenback, after having advanced to 1.1693 at 3:15 am ET. The next likely support for the euro is seen around the 1.15 area.

The euro slipped to a 2-day low of 0.8824 against the pound, following a high of 0.8850 hit at 9:45 pm ET. If the euro continues its fall, 0.87 is possibly seen as its next support level.

The latest quarterly Credit Conditions survey from the Bank of England showed that UK households' demand for unsecured lending is set to increase, while the availability is expected to drop slightly in third quarter.

Lenders forecast an increase in demand for total unsecured lending in the third quarter. Demand for credit card lending will rise, while there will be a slight decrease for other unsecured lending.

The euro slipped to 1.5774 against the aussie, 1.5357 against the loonie and 1.7236 against the kiwi, from its early highs of 1.5860, 1.5432 and 1.7300, respectively. The euro is likely to find support around 1.56 against the aussie, 1.52 against the loonie and 1.70 against the kiwi.

Looking ahead, U.S. monthly budget statement for June is due in the New York session.

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