Euro touches three-week low against dollar

Euro fell in American trade to June 29 lows against the dollar amid a lack of data from the euro zone, and after earlier stellar employment data from the US, and the conclusion of Federal Reserve Chair Jerome Powell's Congressional testimony yesterday.

As of 03:25 GMT, EUR/USD fell 0.31% to 1.1603 from the opening of 1.1639, with an intraday high at 1.1657, and a three-week low at 1.1575. 

European Commissioner for Trade Cecilia Malmström noted in earlier remarks that US-EU trade tensions would weaken both sides, while asserting that tariffs on European cars can't be cancelled except as part of a full trade agreement. 

Malmström said the US was never threatened by the EU, while the EU is preparing steps to take if the US imposed tariffs on European cars as President Trump threatened recently. 

The European Union is also taking measures to prevent the expected flooding of imported steel and aluminum due to US tariffs, which would redirect global excesses of the commodities towards the EU, hurting European production. 

Stellar US Employment Data 

Earlier US data showed unemployment claims fell 8 thousand to 207 thousand from 215K, beating expectations of 220K, while continuing claims for the week ending July 7 rose 8 thousand to 1.751 million from 1.743 million, missing estimates of 1.729 million. 

The Philly Fed Manufacturing Index rose to 25.7 in July from 19.9 in June, beating estimates of 21.6, while the CB leading index rose 0.5% in June, beating estimates of 0.4%, and compared to May's no-change. 

White house trade councilor Peter Navarro asserted in earlier remarks that President Donald Trump's decisions are not destructive as some are painting it, noting that China is the only country hurting the US economy, while the US administration believes in free trade in a world that lacks it.