The euro weakened against its major counterparts in the European session on Friday, as investors reacted to dovish comments from European Central Bank President Christine Lagarde on possible rate cuts.

In an interview with France 2 TV on Thursday, Lagarde said that the central bank will start lowering rates once inflation heads back to the 2 percent goal.

Lagarde added that she could not mention a precise date regarding the start of interest rate cuts by the ECB.

"But I can say that if we win this battle, if we get to 2% as we estimate in 2025, and if it's confirmed by the data we will have" in the coming months, "I'm very confident, then rates will start to decline as soon as we have this certainty."

In economic releases, France's inflation accelerated for the first time in four months in December, as initially estimated, provisional data from the statistical office INSEE showed.

The consumer price index posted an annual increase of 3.7 percent in December, faster than the 3.5 percent gain in November - largely due to higher energy and services prices. That was in line with the flash data published on January 4.

EU harmonized inflation also rose to 4.1 percent from 3.9 percent in the prior month, as estimated.

The euro was trading at 1.0945 against the greenback and 0.9348 against the franc, down from its early highs of 1.0985 and 0.9364, respectively. The euro is seen finding support around 1.06 against the greenback and 0.925 against the franc.

The euro touched 158.85 against the yen, setting a 2-day low. Next key support for the euro is likely seen around the 155.00 level.

The euro fell to multi-day lows of 1.4626 against the loonie and 1.7539 against the kiwi, off its early highs of 1.4699 and 1.7614, respectively. The euro is poised to challenge support around 1.44 against the loonie and 1.70 against the kiwi.

The euro eased against the pound and was trading at 0.8594. This may be compared to a previous multi-day low of 0.8586. The currency may possibly face support around the 0.84 level.

In contrast, the euro rebounded against the aussie and was trading at 1.6380. On the upside, 1.65 is possibly seen as its next resistance level.

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