The euro edged slightly higher against its major rivals following the release of the European Central Bank's monthly report, which was released at 4:00 am ET.
As of 4:05 am ET, the common currency was trading at 1.3170 against the US dollar, 130.12 against the yen, 1.2308 against the Swiss franc and 0.8462 against the pound.
According to the monthly report, the ECB has cut its 2013 GDP estimate to minus 0.4 percent from a flat reading expected previously. The central bank also slashed the GDP growth estimate for 2014 to 1 percent from 1.1 percent estimated previously.
Inflation is expected to grow 1.7 percent in 2013, lower than the previous estimate of 1.8 percent. For 2014, inflation is expected to grow 1.6 percent.
