At 5 am ET Friday, Eurostat is due to release its inflation and unemployment reports. The annual harmonised measure of inflation is expected to come in at -0.5 percent in January compared with -0.2 percent in December. The jobless rate is estimated to remain stable at 11.5 percent in December.

Ahead of these reports, the euro came off from its early highs against its major rivals.

The euro was worth 1.1314 against the greenback, 1.0442 against the franc, 0.7503 against the pound and 133.12 against the yen as of 4:55 am ET.

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