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The euro saw modest weakness against lower-yielding currencies as U.S. stocks slipped slightly, reducing risk appeal. The common currency remained near a two-week low versus the pound.
European Central Bank Executive Board member Lorenzo Bini Smaghi said the ECB may need to hike its interest rate before inflation starts threatening. However, he noted that the pace of the tightening will obviously depend on the underlying conditions, in particular the speed of the recovery.
On the economic front, Germany's Federal Statistical Office announced that the wholesale price index decreased 8.3% year-over-year in August, compared to the 10.6% fall in the previous month. The wholesale price index had grown 6.8% a year ago. On a monthly basis, the WPI increased 0.7% in August, after falling 0.5% in July.
The euro extended its 2009 high against the dollar to 1.4634 before turning lower. The pair moved at 1.4570 in the early afternoon.
The University of Michigan and Reuters consumer sentiment index came in at 70.2 for September. This beats the expectations of 67.8, compared to 65.7 in August.
The euro was generally range-bound against the British pound near 0.8750. The European currency briefly hit a five-day low of 0.8722 earlier in the morning.
UK output prices increased in August on oil prices, official data showed Friday. Meanwhile, prices paid by companies to buy materials and fuels recorded the fastest monthly growth since June 2008.
The euro slipped to a nine-day low against the yen, falling to 131.54. The European currency has been trending down for the last two days.
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