Forex – Euro hits daily low against dollar on China data

Forex Pros – The euro slipped against the U.S. dollar on Thursday, hitting a daily low after reports on Chinese inflation, factories and loans fueled concern the government will act to damp growth, sapping investors' risk demand. 

Shortly before the start of European trade, EUR/USD fell to the daily low at 1.3622, shedding 0.26%. 

The pair was likely to find resistance at 1.3839, the high of Feb. 9, and support at 1.3434, last Tuesday's low and a 9-month low.  

The single European currency also slid against the yen, with EUR/JPY dropping 0.4% to hit 123.13. 

Earlier in the day, China’s statistics bureau said consumer prices rose 2.7% in February from a year earlier, after gaining 1.5% in January, and that industrial output climbed 20.7% during the first two months of the year. 

Central bank data also showed that banks extended CNY 700 billion of new loans in February. 

Later Thursday, the European Central Bank was set to publish its monthly bulletin and the United States was due to release key data on unemployment claims.