The euro has climbed off of near-term lows against the other major currencies on Wednesday in New York as traders showed more confidence in the higher-yielding currencies with stocks rebounding.

The euro turned higher against the dollar after hitting a nine-day low earlier in the morning. The single currency has moved near the 1.3260 after earlier hitting 1.3146.

In the U.S., a government report showed that wholesale inventories fell 1.5 percent in February following a revised decrease of 0.9 percent in January. Economists had expected inventories to fall by 0.6 percent compared to the 0.7 percent decrease originally reported for the previous month.

The single currency also turned to the upside against the British pound after hitting a monthly-low of 0.8986 in overnight trading. The euro has moved back as high as 0.9046 in the late morning.

The economy of Great Britain contracted by an estimated 1.5% in the first three months of 2009, according to a study released by the National Institute of Economic and Social Research. The Institute also said the decline in output is very similar to the recession that began in the summer of 1979.

The euro also turned away from a six-day low of 1.3160 against the Japanese yen. The single currency challenged the 133.00 mark in the late morning.

On the economic front in the Eurozone, Germany's Federal Statistical Office reported that calendar and seasonal adjusted exports decreased 0.7% month-on-month in February, subsequent to 7.4% decline in January. Meanwhile, economists had forecast a 3.3% decline. On an annual basis, overseas sales plunged 23.1% in February versus a 23.2% fall in January.

On a monthly basis, imports fell for the fifth straight month with February recording a 4.2% decline after a slower 1.8% drop in January. On an annual basis, imports were down 16.4% following a 13.7% decrease in the prior month. The annual fall in imports extended for the fourth straight month.

The foreign trade balance showed a surplus of EUR 8.7 billion in February, down from EUR 17.1 billion surplus recorded in the same month of the previous year.

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