(RTTNews) - The euro edged away from recently-touched lows on Thursday in New York. The European currency had hit near-term lows against the dollar, sterling and yen before modest recoveries.

The Eurozone composite output index in July eased at the fastest pace since November 2001, signaling a contraction in private sector output, a survey carried out by the Royal Bank of Scotland and Markit Economics showed. The RBS/Markit Flash Eurozone Composite Output Index stood at 47.8 in July, down from 49.3 reported in June. Economists had expected a level of 49 for the month of June.

The Purchasing Managers' Index for manufacturing as well as service sectors reached the lowest level since June 2003. The manufacturing PMI in July declined to 47.5 from 49.2 in June, while services PMI stood at 48.3, smaller than the 49.1 in June. Economists were expecting PMI readings of 48.7 for manufacturing and 48.8 for services.

The Markit Flash Germany Composite Output Index, reached a six month low of 52.2 in July. The manufacturing PMI dropped to 50.9 from June's 52.6 and the services PMI eased to 53.3.

According to Markit/CDAF report, the Flash French composite output index slid to 47 in July, 80-month low. The services PMI reached the series low of 47, while manufacturing PMI fell to 47.3, a 5-year low.

The European Central Bank said in a report that Eurozone recorded a current account deficit of EUR7.3 billion in May after adjusting for working day and seasonal variations. This follows EUR1.5 billion surplus in April, revised from an earlier estimate of EUR0.3 billion deficit. In unadjusted terms, the deficit accounted for EUR21.4 billion in May, swelling from a EUR7.4 billion deficit posted in April. The unadjusted April deficit was earlier reported EUR9.2 billion. Economists had expected a deficit of EUR6 billion for May.

The euro was little-changed on Thursday after bouncing back slightly from a two-week high. The European currency moved as low as 1.5637 before rebounding to 1.5881 in the mid-morning. The report showed that existing home sales fell 2.6 percent to an annual rate of 4.86 million units in June from a 4.99 million unit rate in May.

The European currency turned higher against the British pound and moved away from a recently-visited eight-week low. The pair moved to 0.7902 in the mid-morning. The Office for National Statistics, or ONS announced that UK retail sales dropped 3.9% in June from the prior month.

The euro was down amid choppy trading versus the yen, moving at 168.82 in the mid-morning. The European currency also inched higher to 1.6282 against the franc.

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