The euro drifted higher against its most major counterparts in the European session on Thursday, after the European Central Bank's minutes from the latest meeting struck a positive note on economy, indicating that there were some signs of stabilization in euro area growth.

Members broadly agreed that recent economic data and survey information pointed to a weak, yet stabilizing growth dynamics, the minutes of the December 11-12 Governing Council meeting showed.

Inflation developments had remained subdued overall, but there were some indications of a slight increase in measures of underlying inflation in line with previous expectations.

Members suggested that the monetary policy measures would provide the necessary monetary stimulus to support the stabilization of economic growth and the attainment of inflation towards the Governing Council's aim.

Members expressed confidence that policy rates had not yet reached the so-called reversal rate. Credit conditions in the euro area had continued to improve and the overall impact on bank profitability had remained positive, the minutes showed.

Final data from the Federal Statistical Office showed that Germany's consumer price inflation rose in December as initially estimated.

The consumer price index rose 1.5 percent year-on-year in December, following a 1.1 percent increase in November and October. This was in line with initial estimate.

The currency traded mixed against its major rivals in the Asian session. While it rose against the yen and the franc, it held steady against the greenback and the pound.

The euro appreciated to 1.4564 against the loonie, from a low of 1.4536 seen at 4:45 am ET. The euro is seen locating resistance around the 1.48 mark.

After a brief slide, the euro climbed to a 9-day high of 1.1173 against the greenback. The pair had finished yesterday's deals at 1.1150. The euro is likely to test resistance around the 1.15 region, if it gains again.

Extending early gains, the euro climbed to a 5-1/2-month high of 122.87 against the yen. The pair was valued at 122.53 when it ended trading on Wednesday. The euro may face resistance around the 125.00 region.

Data from the Bank of Japan showed that Japan producer prices fell 0.1 percent on month in December - in line with expectations and slowing from 0.2 percent in November.

On a yearly basis, producer prices were up 0.9 percent - again matching forecasts and up from 0.1 percent in the previous month.

The euro recovered to 1.0756 against the franc, from near a 3-year low of 1.0732 hit at 4:30 am ET. Should the euro strengthens further, 1.10 is found as its resistance level.

In contrast, the euro remained lower against the pound, with the pair trading at 0.8544. This followed a high of 0.8561 it logged at 3:15 am ET. The euro is poised to challenge support around the 0.82 mark.

The Residential Market Survey from the Royal Institution of Chartered Surveyors showed that UK housing market sentiment strengthened in December following the result of general election.

The headline new buyer enquiries indicator rose notably to +17 percent from -5 percent in November.

The U.S. business inventories for November and NAHB housing market index for January are scheduled for release in the New York session.

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