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The euro strengthened against its most major counterparts in the European session on Wednesday, as Eurozone inflation improved in June, dashing hopes for an imminent rate cut by the European Central Bank.

Final data from Eurostat showed that consumer prices rose by a revised 1.3 percent year-on-year in June, slightly faster than the 1.2 percent rise in May. The flash estimate showed a steady growth of 1.2 percent in June.

Core inflation that excludes energy, food, alcohol and tobacco, increased to 1.1 percent, as initially estimated, from 0.8 percent in May.

Separate data showed that Eurozone construction output declined for the third straight month in May.

Construction output fell 0.3 percent month-on-month in May, smaller than the 1.7 percent decrease seen in April. This was the third consecutive decline in production.

Meanwhile, European shares dropped as trade worries resurfaced and investors awaited cues from the U.S. earnings season.

Robust U.S. retail sales data released overnight helped lower expectations of an interest rate cut by the U.S. Federal Reserve.

The euro held steady against its major rivals in the Asian session, barring the yen.

The euro climbed to 1.1222 against the greenback, from an early 8-day low of 1.1200. The euro is likely to find resistance around the 1.14 level.

The euro strengthened to a 5-day high of 1.1111 against the franc, from Tuesday's closing value of 1.1074. The next possible resistance for the euro is seen around the 1.13 level.

The European currency appreciated to 121.49 against the yen, from a low of 121.20 it touched at 10:45 pm ET. Continuation of the euro's uptrend may see it challenging resistance around the 123.00 mark.

Fitch Ratings retained Japan's sovereign ratings at 'A' with a 'stable' outlook.

The agency said the ".ratings balance the strengths of an advanced and wealthy economy, with high governance standards and strong public institutions, against weak medium-term growth prospects and high public debt."

The euro appreciated to a 2-day high of 1.6017 against the aussie, following a decline to 1.5971 at 8:15 pm ET. If the euro rises further, 1.63 is seen as its next resistance level.

Data from Westpac showed that Australia's leading index improved in June but remained consistently negative.

The Westpac- Melbourne Institute Leading Index that indicates likely pace of economic activity over the next nine months, rose to -0.02 percent in June from -0.47 percent in May.

The single currency recovered to 1.4669 against the loonie, from a low of 1.4635 hit at 2:45 am ET. On the upside, 1.485 is possibly seen as the next resistance for the euro.

In contrast, the euro held steady against the pound, after having eased from more than a 6-month high of 0.9051 seen at 3:00 am ET. At yesterday's close, the pair was worth 0.9035.

Data from the Office for National Statistics showed that UK consumer price inflation remained stable in June.

Consumer prices increased 2 percent year-on-year in June, the same pace of growth as seen in May and in line with expectations.

The euro fell to a 3-month low of 1.6666 against the kiwi and held steady thereafter. The pair was worth 1.6724 at yesterday's close.

Looking ahead, Federal Reserve's Biege book report is set to be released in the New York session.