EURNZD Euro vs New Zealand Dollar

The euro declined against its major counterparts in European trading on Thursday, after the European Central Bank warned over downside risks to the economy and reiterated that it is ready to use all available instruments to stimulate growth in the bloc.

In its economic bulletin, the ECB said that the economic recovery in the euro area is still dampened by the ongoing balance sheet adjustments in a number of sectors, the insufficient pace of implementation of structural reforms in some countries and subdued growth prospects in emerging markets. The risks to the euro area growth outlook remain tilted to the downside.

Owing to lower energy prices, inflation rates are expected to be negative in the coming months, although it would pick up during the second half of 2016.

The bank acknowledged that it is vital to preserve an appropriate degree of monetary accommodation to underpin the momentum of the euro area's economic recovery and reach inflationary target of below, but close to, 2 percent.

"The Governing Council will continue to monitor closely the evolution of the outlook for price stability and, if warranted to achieve its objective, will act by using all the instruments available within its mandate," it added.

European stocks rose as oil prices rallied and a rally in bond markets fizzled out ahead of the April U.S. jobs report, set for release on Friday.

That said, the gains were tempered by lackluster data out of China and the U.K. and the Ascension Day holiday in parts of Europe.

The currency showed mixed trading in Asian deals. While the euro fell against the pound, it held steady against the franc, greenback and the yen.

Reversing from an early high of 1.5410 against the aussie, the euro declined to a 2-day low of 1.5276. The euro is seen finding support around the 1.52 zone.

The euro edged down to 1.6598 against the kiwi and 1.4662 against the loonie, off its early highs of 1.6713 and 1.4786,respectively. The next possible support levels for the euro may be found around 1.65 against the kiwi and 1.45 against the loonie.

The euro declined to a 6-day low of 1.1426 against the greenback, after having advanced to 1.1494 at 9:30 pm ET. Continuation of the euro's downtrend may see it finding support around the 1.12 mark.

The 19-nation currency edged down to 122.56 against the Japanese yen, following an advance to 123.13 at 8:45 pm ET. If the euro-yen pair extends slide, it may challenge support near the 120.00 level.

The single currency slipped to a 2-day low of 0.7883 against the pound, off its prior high of 0.7925. On the downside, the euro may test support around the 0.76 area.

Survey data from Markit showed that the U.K. service sector activity expanded at the slowest pace in more than three years in April.

The Chartered Institute of Procurement & Supply/Markit services Purchasing Managers' Index fell to 52.3 in April from 53.7 in March.

On the flip side, the euro continued to be higher against the franc, reaching near a 2-month high of 1.1018. The euro may locate resistance around the 1.12 level.

Looking ahead, Canada building permits for March and U.S. weekly jobless claims for the week ended April 30 are slated for release in the New York session.

At 9:15 am ET, ECB Vice President Vitor Constancio speaks on "Re-Inventing the Role of Central Banks in Financial Stability", in Ottawa.

At 11:50 am ET, Federal Reserve Bank of St. Louis President James Bullard is expected to speak on the U.S. economy and monetary policy, and is a part of a panel at the 35th Santa Barbara County Summit in Santa Barbara.

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