The EUR/USD currency pair came under renewed bearish pressure and dropped below 1.0700 for the first time since early June on Thursday.
The sharp decline seen in the weekly Initial Jobless Claims and the upward revision to Q2 Unit Labor Costs provided a boost to the USD and weighed on the pair.
The US Dollar retains its latest strength, with EUR/USD trading below the 1.0700 threshold for the first time since early June. Financial markets are looking for safety on Thursday, as generally solid United States (US) macroeconomic figures and fears the Federal Reserve (Fed) may hike rates one more time in November keep investors cautious while supporting the American currency.
The Euro, in the meantime, suffered from the downward revision of the EU Q2 Gross Domestic Product (GDP) from a preliminary estimate of 0.3% QoQ to 0.1%.
The annual comparison was confirmed at 0.5%, below the 0.6% previously calculated. Additionally, German Industrial Production contracted by 0.8% MoM in July and 2.1% from a year earlier, worse than anticipated.