Forexpros — The euro dipped against the broadly stronger U.S. dollar in quiet trade on Thursday, as the dollar was boosted by Wednesday’s slightly better than expected data on factory orders and manufacturing activity in the Chicago area.
EUR/USD hit 1.4354 during late Asian trade, the pair’s lowest since August 26; the pair subsequently consolidated at 1.4360, slipping 0.07%.
The pair was likely to find support at 1.4270, the low of August 25 and resistance at 1.4468, Wednesday’s high.
On Wednesday, the Commerce Department said factory orders rose 2.4% in July, surpassing expectations for a 1.0% increase.
A separate report showed that an index of manufacturing activity in the Chicago area fell less-than-expected in August.
The data came after a slightly weaker-than-expected report on private sector jobs growth from payroll processing firm ADP.
Trade remained subdued as markets assessed the impact of the data on expectations for further economic stimulus by the U.S. Federal Reserve.
The euro was almost unchanged against the pound, with EUR/GBP easing up 0.01% to hit 0.8847.
Later in the day, the U.S. was to publish its closely watched weekly report on initial jobless claims, while the U.S. Institute of Supply Management was to produce data on manufacturing growth.
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