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The euro edged slightly higher versus the dollar on Wednesday, taking back some recent losses as traders looked to establish positions ahead of Friday's all-important US jobs report.
Any encouraging news from the jobs front could send risk aversion soaring, fueling renewed interest in higher-yielding currencies like the euro.
Traders perused a mixed bag of economic data on Wednesday, including a evidence that the US economy may have bottomed out over the summer following the worst recession in decades.
The report showed that GDP decreased at an annual rate of 0.7 percent in the second quarter compared to the preliminary estimate of a 1.0 percent decrease.
Economists had been expecting the drop in GDP to be revised to show a steeper 1.2 percent decrease.
The euro improved to 1.4650 versus the dollar, rising from a 2-week low of 1.4526. With the advance, the euro moved back toward a yearly high of 1.4843, set last week.
The euro continued to stabilize versus the yen, holding near 131. Earlier this week, the euro plummeted to a 2-month low of 129.78 versus its resurgent Japanese counterpart.
In economic news from the Eurozone, consumer prices were down 0.3% on a yearly basis in September, a flash estimate issued by the Eurostat showed Wednesday. In August, prices had declined 0.2%. Economists were expecting the consumer price index to drop at the same pace of 0.2% in September.
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