At 5.00 am ET Wednesday, Eurostat publishes euro area final consumer price data for December. According to initial estimate, consumer prices dropped 0.3 percent year-on-year, the same as in November.

Ahead of the data, the euro fell against its major rivals. The euro was worth 125.83 against the yen, 1.0775 against the franc, 0.8854 against the pound and 1.2122 against the greenback as of 4:55 am ET.