The euro weakened against other major currencies in the European session on Thursday, as investors remain cautious about the ECB's rate decision as well as President Christine Lagarde's press conference for directional cues.

The European Central Bank is set to keep its main Refinancing Operations Rate unchanged at 4.5 percent for the fourth time in a row and the Rate on Deposit Facility at 4 percent, as it awaits strong evidence of receding inflation.

Traders expect the ECB rate decision could signal potential future cuts in case there is more evidence that inflation remains under control.

The policy decision is due at 8.15 am ET. ECB Chief Christine Lagarde holds press conference at 8.45 am ET.

In the Asian trading today, the euro showed mixed trading against its major rivals. While the euro held steady against the pound, the greenback and the franc, it fell against the yen.

In the European trading now, the euro fell to a 3-week low of 161.04 against the yen, from an early high of 162.69. On the downside, 158.00 is seen as the next support level for the euro.

Against the pound, the Swiss franc and the U.S. dollar, the euro slipped to 0.8548, 0.9593 and 1.0888 from early highs of 0.8563, 0.9621 and 1.0907, respectively. If the euro extends its downtrend, it is likely to find support around 0.84 against the pound, 0.94 against the franc and 1.07 against the greenback.

Against the Australia, the New Zealand and the Canadian dollars, the euro dropped to nearly a 2-week low of 1.6519, an 8-day low of 1.7692 and a 3-day low of 1.4710 from early highs of 1.6603, 1.7788 and 1.4741, respectively. The euro is likely to find support around 1.64 against the aussie, 1.74 against the kiwi and 1.45 against the loonie.

Looking ahead, U.S. and canada trade data for January and U.S. weekly jobless cliams data are slated for release in the New York session.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will deliver semiannual monetary policy testimony before the Senate Banking Committee, in Washington D.C., U.S.

At 11:30 am ET, Federal Reserve Bank of Cleveland President Loretta Mester speaks virtually on the economic outlook as part of the European Economics and Financial Centre's Distinguished Speaker Series, in Cleveland, U.S.

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