The euro tumbled on Wednesday morning on disappointing figures from Germany and pessimistic forecasts for the region's economic data, due on later in the day. The common currency neared a one month low as it fell below $1.29 and traded at $2.2894 on Wednesday morning.

Figures from the monthly ZEW survey in Germany did not increase significantly in May and signaled that German economic sentiment was below expectations. Financial Times reported that most were forecasting a reading of 40, a significant increase from April's 36.3. To their disappointment, the reading, which is considered a key indicator of the nation's health, came in at just 36.4.

Industrial production data painted the region in a more positive light, but did little to lift the common currency. The figures showed that industrial production for the region as a whole grew by 1 percent in March. The rise surprised analysts who were anticipating just a 0.5 percent gain.

The currency also recouped some of its losses after Fitch ratings agency upgraded Greece's rating to a B- from CCC. The company cited lower risk of exit from the eurozone and progress toward lowering its deficit as the driving reasons behind the upgrade. The new rating assessment injected a bit of positivity into the market at a time when the eurozone was being pounded with poor data.

However the region is probably going to fall under pressure again on Wednesday as new figures are forecast to show the eurozone economy shrank 0.1 percent in the first three months of 2013. Although the numbers are expected to show a contraction, a 0.1 percent decline is an improvement from last year's fourth quarter decline of 0.6 percent.

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