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The euro weakened against its key counterparts in the European session on Tuesday, as reports showing a deterioration in economic confidence in October and a slowdown in economic growth in the third quarter triggered fears that the euro area economy is faltering.

Preliminary flash estimate from Eurostat showed that gross domestic product expanded only 0.2 percent sequentially after rising 0.4 percent in the second quarter. The rate was forecast to remain at 0.4 percent.

Year-on-year, GDP growth slowed to 1.7 percent from 2.2 percent in the preceding period.

Further, Eurozone economic sentiment index slid to 109.8 in October from 110.9 a month ago.

The drop in euro-area sentiment was caused by weaker confidence in industry, services and, particularly, retail trade.

Another survey from EU showed that business confidence in the currency bloc deteriorated on managers' appraisals of their overall and export orders books and their assessments of past production and the stocks of finished products.

The business climate index dropped to 1.01 in October from 1.21 in September.

The currency held steady against its major counterparts in the Asian session, with the exception of the yen.

The euro weakened to 1.1374 against the franc, from a 5-day high of 1.1411 set at 4:45 am ET. The euro is likely to test support around the 1.10 level.

Survey by KOF Swiss Economic Institute showed that a measure reflecting Switzerland's economic trends declined in October after rising in the previous month, suggesting that the alpine economy is set to growth at an average rate in coming months.

The economic barometer dropped to 100.1 from 102.3 in September, which was revised from 102.2. In August, the score was 98.9.

The single currency depreciated to a 2-day low of 1.1351 against the greenback, down by 0.3 percent from a high of 1.1388 touched at 3:00 am ET. If the euro falls further, it may find support around the 1.12 region.

Having advanced to a 5-day high of 128.40 against the yen at 4:45 am ET, the euro reversed direction and eased slightly to 128.07. The euro is seen finding support around the 126.00 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan's unemployment rate declined in September.

The jobless rate fell to 2.3 percent from 2.4 percent in August. This was the lowest rate since early 1990s. The rate was expected to remain unchanged at 2.4 percent.

Extending early slide, the euro declined to 1.6017 against the aussie, its lowest level since October 2. On the downside, 1.56 is possibly seen as the next support level for the euro.

The euro fell back to 1.7352 against the kiwi, not far from more than a 2-month low of 1.7345 hit at 3:45 am ET. The euro is poised to challenge support around the 1.70 region.

The euro was trading lower at 1.4907 against the loonie, down from Monday's closing value of 1.4936. Next key support for the euro is seen around the 1.47 level.

On the flip side, the single currency held steady against the pound, after having risen to near a 4-week high of 0.8911 at 5:15 am ET. At yesterday's close, the pair was worth 0.8889.

The latest Distributive Trades Survey from the Confederation of British Industry showed that British retail sales growth eased noticeably in October after four straight months of firm sales growth during the summer.

The retail sales balance fell to +5 percent in October. Nonetheless, retailers expect sales growth to pick-up next month, with the balance at +17 percent.

German preliminary consumer inflation data for October is set for release at 9:00 am ET.

In the New York session, U.S. consumer confidence for October and S&P Case/Shiller home price index for August will be out.