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.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.