European stocks were up on Thursday, as European Union leaders held a summit in Brussels and concerns about Spain’s fiscal health lingered ahead of a Spanish bond auction later in the day. 

During European morning trade, the EURO STOXX 50 was up 0.4%; France’s CAC 40 rose 0.46%; and Germany's DAX was up 0.24%.

The U.S. dollar was up against most other major currencies on Wednesday, ahead of key U.S. housing data and a speech by U.S. Federal Reserve Chairman Ben Bernanke.

During European morning trade, the greenback was up against the euro, with EUR/USD shedding 0.21% to hit 1.2302.

European stocks slipped on Wednesday, giving up earlier gains after a report that the IMF, EU and U.S. Treasury were readying a EUR 250 billion rescue package for Spain sparked fresh fears over Europe's debt crisis.

During European afternoon trade, the EURO STOXX 50 was down 0.32%; France’s CAC 40 shed 0.09%; and Germany's DAX was down 0.13%.

The euro fell to a fresh 4-year low against the U.S. dollar early last week on persisting fears over the euro zone sovereign debt crisis, then mounted a 4-day rally as risk appetite improved.

EUR/USD rose from 1.1877 on Monday, its lowest since March 10, 2006, to reach a weekly high at 1.2153 on Friday. The pair subsequently retreated to hit 1.2111 at the close of trade on Friday.

The euro dropped against the U.S. dollar on Tuesday, after data showed that German investor and analyst sentiment tumbled unexpectedly in June.

EUR/USD fell to hit 1.2174 during European morning trade, a daily low; the pair subsequently consolidated at around 1.2192, shedding 0.23%.