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The euro retraced its recent gains against its key counterparts in the European session on Thursday, after the European Central Bank left its key rates unchanged and tweaked its forward guidance to indicate that it is planning an interest rate cut in the immediate future.

The Governing Council, led by ECB President Mario Draghi, kept the key interest rates unchanged after the policy session in Frankfurt, as expected.

The main refi rate is currently at a record low zero percent and the marginal lending facility rate is at 0.25 percent. The marginal lending facility rate is at 0.25 percent.

"The Governing Council expects the key ECB interest rates to remain at their present or lower levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to its aim over the medium term," the bank said.

The ECB said policymakers stressed "the need for a highly accommodative stance of monetary policy for a prolonged period of time", citing the persistently below-target inflation levels.

"Accordingly, if the medium-term inflation outlook continues to fall short of its aim, the Governing Council is determined to act, in line with its commitment to symmetry in the inflation aim," the bank said.

ECB President Mario Draghi will give a press conference in Frankfurt at 8.30 am ET.

Survey from Ifo Institute showed that Germany's business confidence weakened more-than-expected in July.

The business climate index fell to 95.7 in July from revised 97.5 in June. The score was forecast to fall to 97.2. The initial reading for June was 97.4.

The currency showed mixed trading against its major counterparts in the Asian session. While it fell against the greenback and the yen, it was steady against the franc and the pound.

The euro dipped to 120.17 against the yen for the first time this year. This followed a high of 120.63 hit at 7:45 am ET. If the euro slides further, 117.00 is possibly seen as its next support level.

Data from the Bank of Japan showed that Japan producer prices rose 0.7 percent on year in June - shy of expectations for 0.8 percent and down from the upwardly revised 0.9 percent gain in May.

On a monthly basis, producer prices eased 0.1 percent after sliding 0.2 percent in the previous month.

The European currency depreciated to a 2-month low of 1.1111 against the greenback, from a 2-day high of 1.1161 it touched at 7:45 am ET. The euro is poised to find support around the 1.09 level.

The euro slipped to near a 5-week low of 0.8892 against the pound, from a high of 0.8929 seen at 2:45 am ET. The currency is likely to find support around the 0.88 level.

The single currency declined to 1.4582 against the loonie from Wednesday's closing value of 1.4634. This came after an uptick to 1.4654 at 7:45 am ET. The euro is seen finding support around the 1.44 level.

The common currency retreated from its early weekly highs of 1.6017 against the aussie and 1.6674 against the kiwi, falling to 1.5939 and 1.6589, respectively. Next immediate support for the euro is possibly seen around 1.57 against the aussie and 1.64 against the kiwi.

In contrast, following more than a 2-year low of 1.0962 hit at 3:15 am ET, the euro bounced back to 1.0992 against the franc following the ECB decision. Should the euro rises further, 1.11 is possibly seen as its next resistance level.