EURJPY Euro vs Japanese Yen

The euro trimmed its early losses against its major rivals during European deals on Thursday, as the European Central Bank President Mario Draghi is expected flesh out more details of the bank's quantitative easing program at his press conference at 8.30 am ET.

The expanded asset purchase program worth 1.1 trillion euros was introduced at January meeting, and was aimed to boost the economy and prevent deflationary spiral in the euro area. He is also set to unveil the latest set of ECB Staff macroeconomic projections, which would give the forecasts for 2017 for the first time.

At its rate setting meeting in the Cypriot capital Nicosia, the ECB held the refinancing rate at a record low 0.05 percent, in line with economists' expectations.

The bank also held the deposit rate steady at -0.20 percent and the marginal lending rate at 0.30 percent. The three rates were lowered by 10 basis points in September.

In economic front, Germany's factory orders declined at the fastest pace since last August, data released by Destatis showed.

Factory orders fell 3.9 percent in January from the prior month, which was the biggest drop since August, when it plunged 4.2 percent. Economists had forecast a 1 percent drop in January after rising 4.4 percent in December.

The euro bounced off slightly versus the greenback with pair trading at 1.1057, after falling to more than 11-year low of 1.1025 in early deals. The pair was worth 1.1076 at Wednesday's close. If the euro continues its upward trading, it may test resistance surrounding the 1.12 area.

Reversing from an early more than 4-week low of 132.14 against the Japanese yen, the euro advanced to 133.13. Continuation of the euro's uptrend may lead it to a resistance around the 134.00 mark.

The euro that fell to 0.7237 against the pound and 1.0651 against the franc in early deals changed path and was trading at 0.7256 and 1.0704, respectively. The next possible resistance for the euro may be located around 0.74 against the pound and 1.2 against the franc.

Looking ahead, U.S. weekly jobless claims for the week ended February 28, factory orders for January and Canada Ivey's PMI for February are slated for release in the New York session.

At 10:00 am ET, U.S. Federal Reserve Bank of San Francisco President John Williams will deliver a speech about the economic outlook at the Chartered Financial Analysts Society Hawaii 10th Annual Economic Forecast Dinner, in Honolulu.

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