The euro edged down against its key counterparts in the European session on Thursday amid rising risk aversion, as U.S. President Donald Trump's long-touted tax plan for big corporate and personal tax cuts offered few details and investors waited to hear from ECB President Mario Draghi.

The highly anticipated tax plan outline released by U.S. President Donald Trump failed to inspire investors, as it offered no specifics on how the tax cuts would be paid for without increasing the budget deficit.

The tax plan included a cut in the corporate tax rate and small businesses to 15 percent, from the current 35 percent and 39.6 percent, respectively.

The European Central Bank is broadly expected to maintain the status quo on rates, but Draghi may hint at revising forward guidance as early as June.

Oil prices are lower, after official data showed a surge in gasoline inventories last week, even as crude stockpiles declined.

In a campaign trip to the factory in Amiens on Wednesday, French election candidate Emmanuel Macron was snubbed by striking factory workers after his far-right rival Marine Le Pen rushed to the factory gates in an attempt to outdo him.

A poll released by Harris Interactive showed that 52 percent of French people is of the opinion that Macron has not performed well in the start of the campaign for the run-off, while 61 percent said that Le Pen had a successful launch.

Survey data by the European Commission showed that Eurozone economic sentiment rose to its highest level since the middle of 2007 in April with strong improvements in all components.

The economic sentiment indicator climbed to 109.6 from a revised 108 in March. Economists had forecast a modest improvement to 108.2 from March's original 107.9.

The euro showed mixed performance in the Asian session. While the currency rose against the greenback and the yen, it held steady against the franc. Against the pound, it dropped.

The euro eased back to 121.19 versus the yen, from a high of 121.63 hit at 4:30 am ET. The euro is seen finding support around the 118.00 region.

The Bank of Japan kept its monetary stimulus unchanged as widely expected.

Governor Haruhiko Kuroda and his board members decided by an 7-2 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The euro dropped to 1.0892 against greenback and 1.0820 against the franc, off its previous highs of 1.0921 and 1.0843, respectively. Continuation of the euro's downtrend may see it challenging support around 1.07 against the greenback and 1.06 against the franc.

The euro hit a 9-day low of 0.8443 against the pound, after having advanced to 0.8495 at 8:15 pm ET. On the downside, the euro may target support around the 0.83 mark.

Looking ahead, the European Central Bank announces its decision on interest rates at 7:45 am ET. The bank is expected to keep its refi rate at zero percent and the deposit rate at -0.4 percent.

At 8:00 am ET, German flash inflation for April is set for release.

In the New York session, U.S. weekly jobless claims for the week ended April 22, advance goods trade balance, wholesale inventories, durable goods orders and pending home sales - all for March are due.

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