Nevertheless, further easing from the European Central Bank was still a possibility, particularly in the wake of ECB President Mario Draghi's statements on Monday about how a rate cut was still an option if economic data weakens significantly.
One-month implied volatilities in euro/dollar remain near their lowest since January, suggesting investors are reluctant to bet on sharp euro falls.
Against the yen, the euro last traded at 130.14 yen, up 0.5 percent, but down from a session peak of 130.42 yen, its highest since April 22.
The dollar was at 98.94 yen, down 0.1 percent on the day, according to Reuters data.
The New Zealand dollar underperformed other major currencies after the country's central bank said it had intervened to try to restrain the strength of the currency. It was down 0.9 percent at US$0.8382, although analysts and traders were skeptical about how much lasting impact intervention could have.
"The RBNZ announcement is likely to make investors more cautious on buying the New Zealand dollar in the near term, but pretty soon, investors will realize that if the intervention impact is so unnoticeable that it takes an RBNZ comment to disclose it, the RBNZ is either intervening in tiny amounts or indeed is using a 'pea-shooter'," said Steven Englander, global head of currency strategy at Citigroup in New York. "I think we will see investors step in and buy some New Zealand dollars."
The Norwegian crown, meanwhile, posted sharp gains on relief that Norway's central bank kept interest rates unchanged at 1.5 percent. The dollar fell 1.7 percent against the crown to 5.7448 kronas, while the euro dropped 1.1 percent to 7.5574.
"There was no indication that they considered a rate cut, and they see no reason to change their strategy from what they indicated," said Steinar Juel, chief economist at Nordea Markets in Copenhagen. "It was maybe a little bit more hawkish than could have been expected, they could have pointed more to weaker inflation numbers. Something more needs to happen for them to cut," he said.