The European common currency bounced back from previous session's downtrend against the Australian and New Zealand dollars in New York afternoon trading on Thursday. After touching more than a 7-week low of 1.2601 by about 7:20 am ET, the euro reversed its direction against the Aussie and as of now worth 1.2675.

Against the NZ dollar, the euro also showed strength in afternoon session and currently trading near 1.6338 from earlier 5- week low of 1.6264.

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