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Neil Mellor, currency strategist at Bank of New York Mellon, commented: "We've seen a substantial move in the past few days, so players are taking profits.
"It's hard to predict the trend based on price moves from the past few days as the market is still illiquid."
Data released today showed that producer prices in the euro zone fell significantly in November.
Yesterday (December 6th), a smaller than expected rise in consumer prices was recorded, leading to suspicions that the European Central Bank will ease monetary policy when it meets next week.
In financial trading, utilities were the worst performers across the continent following the announcement of a 40 million share placing by Scottish & Southern.
