At 5.00 am ET Wednesday, Eurostat issues euro area final consumer price data for May. According to initial estimate, inflation slowed to 0.1 percent from 0.3 percent in April.

Ahead of the data, the euro retreated from early highs against its major counterparts.

The euro was worth 120.96 against the yen, 1.0702 against the franc, 1.1262 against the greenback and 0.8963 against the pound at 4:55 am ET.