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Forex - Euro slips to fresh 14-month lows vs. dollar

ForexSep 25, 2014 02:18AM ET
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Euro falls to new 14-month trough vs. dollar as E.Z. concerns weigh

Investing.com - The euro slipped to fresh 14-month lows against the U.S. dollar on Thursday, as concerns over the outlook for growth in the euro zone continued to weigh on the single currency, while positive U.S. data lent further support to the greenback.

EUR/USD hit 1.2763 during late Asian trade, the pair's lowest since July 2013; the pair subsequently consolidated at 1.2757, slipping 0.18%.

The pair was likely to find support at 1.2754 and resistance at 1.2864, Wednesday's high.

The euro came under pressure after European Central Bank President Mario Draghi said on Wednesday that the bank will keep its monetary policy "accommodative" for as long as needed, and will use every tool at its disposal to fight deflation.

"Monetary policy will remain accommodating for a long time and I can tell you that the Governing Council is unanimous in committing itself to using the tools at its disposal to bring inflation back to just under 2%."

The comments came after data showed that Germany's Ifo business confidence index deteriorated for the fifth successive month in September, adding to fears that the euro zone’s largest economy is losing momentum.

Meanwhile, demand for the dollar found further support after a report showed that U.S. new home sales data rose 18.0% last month to 504,000 units, the highest level since May 2008.

Earlier in the week, a report showed that the U.S. manufacturing sector expanded in September, matching the rate of growth seen in the previous month, which was the strongest in over four years.

The strong data added to expectations that the Federal Reserve will hike interest rates sooner than markets are expecting.

The euro was steady against the pound, with EUR/GBP inching up 0.03% to 0.7824.

Later in the day, the U.S. was to release data on durable goods orders, as well as the weekly report on jobless claims.

Forex - Euro slips to fresh 14-month lows vs. dollar
 

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