The euro drifted lower against its most major rivals in European deals on Wednesday, as data showed that Eurozone consumer prices fell for the first time in six months in September, largely due a slump in oil prices.

Flash data from Eurostat showed that consumer prices fell unexpectedly by 0.1 percent year-on-year in September, offsetting a 0.1 percent rise in August. Economists had forecast prices to remain flat.

The European Central Bank's targets to bring inflation to 'below, but close to, 2 percent over the medium term'.

Excluding energy, food, alcohol and tobacco, core inflation remained unchanged at 0.9 percent in September. The rate came in line with expectations.

Eurozone unemployment rate remained unchanged in August, separate data from the same agency showed.

The jobless rate held steady at double-digit 11 percent in August. It was expected to remain at July's originally estimated rate of 10.9 percent.

The European Central Bank President Mario Draghi had already warned that the region could experience deflation in the coming months, and the bank needs more time to assess whether the weakness is a temporary or lasting phenomenon before further action.

The euro was trading lower against the greenback, pound and the yen in the Asian session. Against the franc, the euro trended higher.

In European deals, the euro fell to a 2-day low of 0.7379 against the pound, a 0.4 percent decline from its previous high of 0.7431. Continuation of the euro's downtrend may drive it down to a support around the 0.725 mark. The euro-pound pair finished Tuesday's deals at 0.7423.

Extending early slide, the common currency depreciated by 0.4 percent to 1.1202 against the greenback. The pair was quoted at 1.1247 when it closed Tuesday's deals. The euro may test support around the 1.10 level.

The single currency pared gains to 1.0907 against the Swiss franc, from a high of 1.0945 hit at 3:45 am ET. If the euro extends slide, it may locate support near the 1.08 region. The euro-franc finished Tuesday's trading at 1.0924.

The common currency reached as low as 1.5009 against the loonie and 1.7549 against the kiwi, compared to Tuesday's closing values of 1.5096 and 1.7720, respectively. If the euro extends slide, it may find support around 1.48 against the loonie and 1.73 against the kiwi.

The euro dropped to 1.5928 versus the aussie, a 2-day low, and was down by 1.04 percent from yesterday's closing quote of 1.6096. The euro is seen finding support around the 1.57 level.

Meanwhile, the 19-nation currency swung between gains and losses against the Japanese yen, following a 5-day high of 135.12 hit at 8:30 pm ET. At Tuesday's close, the pair was trading at 134.67.

Looking ahead, U.S. private sector jobs data for September, U.S. weekly crude oil inventories report for the week ended September 25 and U.S. Chicago PMI for September and Canada GDP data for July are set to be announced in the New York session.

At 8:00 am ET, Federal Reserve Bank of New York President William Dudley is expected to speak at the Securities Industry and Financial Markets Association's Liquidity Forum, in New York.

Subsequently, Federal Reserve Chair Janet Yellen will deliver opening remarks at the Federal Reserves' annual community banking conference, in St. Louis at 3:00 pm ET.

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