The euro was trading little changed as the French government faces a no confidence vote later after Prime Minister Michel Barnier forced through his controversial budget without a parliamentary vote.

France's government on Wednesday faces no-confidence votes that could spell the end of the short-lived administration of Prime Minister Michel Barnier, plunging the country into uncharted waters of political chaos.

Barnier warned that toppling the government could cause a "big storm and very serious turbulence" in financial markets. Some analysts believe that France is heading for a debt crisis reminiscent of the near implosion of the eurozone in 2012, when Greece was forced to seek a bailout from the EU and International Monetary Fund.