Investing.com - The euro was at one week lows against the dollar on Thursday as markets looked ahead to data on euro zone private sector activity later in the day, as an uptick in U.S. inflation continued to underpin dollar demand.
EUR/USD was little changed at 1.2647, after touching overnight lows of 1.2632, the lowest since October 15.
The single currency has been pressured lower in recent sessions by reports that the European Central Bank is considering widening its bond purchasing stimulus program.
Recent economic data has also indicated that the economy in the euro zone is faltering, and further signs of weakness in business activity were likely to weigh on the euro.
Earlier Thursday, data showed that China’s HSBC manufacturing purchasing managers’ index edged up to 50.4 this month from 50.2 last month, only just above forecasts for 50.3.
However the report also showed that factory output fell to a five month low this month, adding to concerns over slowing global growth.
Fears that a slowdown in global growth could act as a drag on the U.S. economy have prompted investors to reassess expectations on how soon the Federal Reserve will raise interest rates after its stimulus program winds up later this month.
The dollar remained supported after data on Wednesday showed that the U.S. consumer price index ticked up 0.1% last month from August, while core consumer prices, which exclude energy and food costs, also rose 0.1%.
The data eased concerns that consumer prices were stagnating.
Elsewhere, the euro was little changed near one week lows against the yen, with EUR/JPY edging up 0.07% to 135.61.
The dollar ticked higher against the yen, with USD/JPY edging up 0.10% to 107.25.