During early European deals on Friday, the Euro showed mixed trading against its major counterparts as the European stocks fluctuated before a report may show the jobless rate in America rose to the highest level in 25 years.

At 5:33 am ET, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.02 percent at 781.64 points, having earlier been down as low as 773.58 points.

The euro tumbled to a new multi-week low, while showed choppy trading against the Swiss franc. On the other hand, the euro reversed its late Asian session's downtrend against the US dollar and the Japanese yen.

In economic news, Germany's Federal Statistical Office said today in a report that the import price index declined 6.4% year-over-year in February, after falling 5.4% in January. This was the biggest price decline since 1999, when prices fell 6.6%. A year ago, prices were up 4.8%.

Meanwhile, Italy's statistical office ISTAT announced that the producer price index or PPI dropped 2.8% year-over-year in February, after falling 2% in January. Economists were looking for a decline of 3%.

The pace of contraction in Eurozone service sector activities slowed in March compared to February, reports said citing data from the Markit Economics. The purchasing managers' index or PMI rose to 40.9 in March from February's 39.2 and a flash reading of 40.1.

The European currency gained ground after hitting a low of 1.3400 against the US dollar at 2:30 am ET Friday. The euro-dollar pair is currently trading at 1.3446, compared to 1.3464 hit late New York Thursday. If the pair falls further, 1.374 is seen as the next target level.

The European currency declined to a new multi-week low of 0.9086 against the British pound at 4:35 am ET, moving from an Asian session high of 0.9162. The euro-pound pair that closed Thursday's North American session at 0.9145 is currently trading at 0.9113. The next downside target level for the pair is seen around 0.895.

In economic news, UK Government net reserves increased US$378 million in March to US$28.23 billion from US$27.85 billion at end of February, the HM Treasury said today. Meanwhile, gross reserves totaled US$49.29 billion, larger than the US$48.64 billion in the prior month.

UK's Halifax house price index dropped 1.9% month-on-month in March, lower than February's 2.3% fall, a report from HBOS showed today. Economists had expected a monthly fall of 1.8% in March.

Against the Swiss franc, the single currency largely bounced between 1.5280 and 1.5251 during early deals on Friday. The euro-franc pair that closed Thursday's North American session at 1.5268 against the euro is currently quoted at 1.5248.

The Federal Statistical Office said today that Swiss consumer prices declined 0.4% in March from the previous year, faster than 0.1% fall expected by economists. In February, consumer prices grew 0.2%.

Month-on-month, consumer prices were down 0.3% in March, while economists expected prices to stay stable.

The 16-nation currency that climbed to new multi-month high of 135.02 against the Japanese yen during Friday's early Asian deals weakened thereafter. At 2:35 am ET, the euro-yen pair slipped to 133.20 before regaining momentum. The euro-yen pair is now worth 134.08 with 138.8 seen as the next target level.

Turning to the US, the Labor Department is scheduled to release its monthly non-farm payroll report at 8:30 AM ET. Economists estimate that the U.S. economy lost 656,000 jobs in March and look for an unemployment rate of 8.5%.

The ISM is scheduled to release the results of its non-manufacturing survey at 10 AM ET. The non-manufacturing index is likely to show a reading of 42 for March.

Bernanke is due to deliver closing keynote address to Richmond Fed Bank's 2009 Credit Markets Symposium in Charlotte, North Caroline at 12 PM ET.

For comments and feedback: contact editorial@rttnews.com