Euro declines against dollar ahead of Draghi's testimony

Euro tilted lower in American trade against the dollar following earlier data from the euro zone and the US, the world's largest economy, and ahead of European Central Bank President Mario Draghi's testimony on the ECB's Annual Report for 2016 before the European Parliament, in Strasbourg.

As of 03:33 GMT, EUR/USD fell 0.32% to 1.2423 from the opening of 1.2456, with an intraday low at 1.2399, and a high at 1.2475. 

Earlier Spanish data showed the services PMI rose to 56.9 from 54.6 in December, beating expectations of 55.2, while Italian PMI widened to 57.7 from 55.4, also beating forecasts. 

The final services PMI reading for France edged up to 59.2 from 59.1 in December, missing forecasts of 59.3, while German services PMI accelerated to 57.3 from 55.8, beating expectations of 57.0. 

Finally, the services PMI for the whole region rose to 58 from 56.6 in December, while retail sales fell 1.1% in December, compared to a 2% increase in November. 

Otherwise, earlier US data showed the Markit Services PMI dipped to 53.3 in January as expected from 53.7 in December. 

ISM services PMI jumped to 59.9 in January from 55.9 in December, beating expectations of 56.5 with a wide margin.