The euro was trading higher against its most major counterparts in the European session on Thursday, after the European Central Bank left its key interest rates unchanged for a seventh consecutive policy session and maintained its asset purchases, confirming that they will continue at a reduced pace till the end of this year.

The Governing Council, led by ECB President Mario Draghi, left all its three interest rates unchanged. The main refi rate was kept unchanged at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate was held at 0.25 percent.

The bank also retained its asset purchases of EUR 80 billion a month till March and to continue them at a reduced size of EUR 60 billion a month till December 2017. Asset purchases can be extended beyond December if necessary, until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim, the ECB added.

"If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the programme in terms of size and/or duration," the central bank said.

Draghi is set to begin his customary post-decision press conference in Frankfurt at 8.30 am ET, with investors awaiting more clues about the assessment of the economy and direction of policy in the months ahead.

In other economic news, data from the European Central Bank showed that the euro area current account surplus reached a record high level in November.

The seasonally adjusted current account surplus rose to EUR 36.1 billion in November from EUR 28.3 billion in October.

The euro showed mixed performance in the Asian session. While the euro held steady against the greenback and the pound, it fell against the Swiss franc. Against the yen, it rose.

The euro climbed to 1.0729 against the Swiss franc, from a 2-week low of 1.0698 hit at the commencement of today's trading. The euro-franc pair may find resistance around the 1.09 zone.

Data from the the Federal Statistical Office showed that Switzerland's producer and import prices remained unchanged at the end of the year.

Producer and import prices held steady on a yearly basis in December, confounding expectations for an increase of 0.1 percent.

The euro advanced to a 6-day high of 122.35 against the Japanese yen shortly before the announcement and held steady thereafter. At Wednesday's close, the pair was valued at 121.84. If the euro extends gain, it may locate resistance around the 125.00 level.

The 19-nation currency spiked up to 1.4169 against the loonie, its strongest since December 30. The euro-loonie pair finished Wednesday's trading at 1.4104. Continuation of the euro's uptrend may see it challenging resistance around the 1.43 mark.

The single currency, having fallen to a 2-day low of 1.0622 against the greenback at 7:45 pm ET, reversed direction and was trading higher at 1.0675. The euro is poised to locate resistance around the 1.08 region.

On the flip side, the euro reached as low as 0.8636 against the pound at 6:10 am ET and traded steadily since then. The pair was worth 0.8668 when it finished Wednesday's trading.

Looking ahead, U.S. building permits and housing starts for December, U.S. weekly jobless claims for the week ended January 14, Federal Reserve Bank of Philadelphia manufacturing index for January, U.S. crude oil inventories data and Canada manufacturing sales data for November are set to be published shortly.

At 3:45 pm ET, San Francisco Fed President John Williams is expected to speak before the Solano Economic Development Corporation Annual Luncheon Meeting, Fairfield, United States.

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