The EUR receded some of its gains versus the EUR in today's early European trading after the release of lukewarm economic data released throughout the day. The EUR/USD pair dropped to a low of $1.2470 from a high of $1.2671 earlier in the day and is currently trading around $1.2540.

The EUR saw a sharper decline against the Yen, giving up almost all of its gains from a high of 114.20 to a low of 112.01 after the release of the data. It did recover slightly to currently trade at 113.10. The Yen fell against the EUR and the USD in Asia trading today after Japanese Finance Minister Naoto Kan said excessive strengthening of the Japanese currency isn't desirable, suggesting that Japan might intervene in the market if the Yen strengthens too much.