The euro declined against its major rivals in European deals on Thursday, as the demand for German debt increased, pulling bond yields down, following the European Central Bank President Mario Draghi's remarks that the bank is determined to implement the quantitative easing program in full to rejuvenate the bloc's economic recovery.

The yields on German 30-year bonds fell 5 percent, while the 10-year bond yields slipped 0.09 percent. Yields move inversely to bond prices.

In his press conference following the ECB meet on Wednesday, President Mario Draghi stressed that although the bank's stimulus measures are bearing fruits in the European economy, the region's recovery depends on full implementation of the ECB's policies. Draghi brushed aside concerns for an early QE exit, and said the banks intends to continue the QE until September next year or until officials "see a sustained adjustment in the path of inflation" toward the medium term goal of just under 2 percent.

Meanwhile, Greece's inability to resolve differences with international creditors has prompted the Standard & Poor's Ratings Services to cut the country's credit ratings deeper into junk territory. The agency lowered Greece's rating to "CCC+" from "B-" with a negative outlook.

Although the euro firmed in the early Asian session, it retreated in the course of trading. The euro has seen a relentless slide from mid-2014 after the European Central Bank pursued stimulus measures to aid economic recovery.

The euro slipped to a 2-1/2-month low of 1.0274 against the franc before paring declines in a short while. The pair was trading near yesterday's closing value of 1.0299.

The euro declined to 1.0625 against the greenback, 0.7163 against the pound and 126.79 against the yen, off early 1-week high of 1.0746, 2-day high of 0.7230 and a 6-day high of 127.85, respectively. The next possible support for the euro may be located around 1.05 against the greenback, 0.70 against the pound and 125.00 against the yen.

The euro declined to a record low of 1.3998 against the kiwi, compared to Wednesday's closing value of 1.4063.

The euro, which finished yesterday's trading at 1.3903 against the aussie and 1.3128 against the loonie, weakened to near 2-year lows of 1.3720 and 1.3098, respectively. The euro is likely to challenge support around 1.35 against the aussie and 1.30 against the loonie.

Looking ahead, U.S. building permits and housing starts - both for March, U.S. weekly jobless claims for the week ended April 11 and Reserve Bank of Philadelphia's manufacturing index for April are slated for release in the New York session.

At 1:00 am ET, Federal Reserve Bank of Atlanta President Dennis Lockhart will deliver a speech about the US economic outlook and monetary policy at the Palm Beach County Convention Center.

After 10 minutes, Federal Reserve Bank of Cleveland President Loretta Mester will speak on the economy before the Forecasters Club of New York.

Subsequently, Federal Reserve Bank of Boston President Eric Rosengren participates in "The U.S. Economic Outlook and Implications for Monetary Policy" event hosted by Chatham House in London at 1:30 pm ET.

At 3:00 pm ET, Federal Reserve Governor Stanley Fischer will participate in a panel discussion titled "The Elusive Pursuit of Inflation" at the International Monetary Fund Spring Meetings in Washington DC at 3:00 pm ET.

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