Euro off lows after better than expected industrial data

The Euro moved off day's low on Wednesday on better than expected industrial output data from the eurozone.

At 10:30 GMT, EUR/USD was at 1.1760, moving off intraday low of 1.1727, which was a new multi-year low.

However, the pair is still below the previous close of 1.1838, keeping the downward track of May last year.

Industrial production of eurozone fell 0.4% from a year earlier in November after growing 0.8% in October, and compared to the market consensus of 0.8% fall.

On a monthly basis, the output staged a 0.2% spurt, adding to the 0.3% growth in the previous month while analysts were expecting no change.

The market is now waiting for retail sales data from the US and the Fed's Beige Book due later in the day. However, more important will be the consumer price inflation numbers from eurozone as well as the US, scheduled for Friday.

Weak risk sentiment is also weighing on euro as dollar is seen as a safe haven currency. FTSE 100 is down more than 1% and DAX down 0.25%.