The U.S. dollar slipped Thursday, struggling to find a foothold after weak economic data raised expectations of an outsized interest rate cut by the Federal Reserve later this month.

At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 101.139, continuing to retreat from the two-week high of 101.79 seen at the start of the week.

In Europe, EUR/USD traded 0.1% higher to 1.1086, with the single currency helped by German industrial orders unexpectedly rising in July.

GBP/USD climbed 0.1% to 1.3157, with the pair over 3.5% higher over the course of the last month, boosted by expectations that the Bank of England will keep interest rates high for longer than in the United States.

In Asia, USD/JPY fell 0.1% to 143.62, with the yen helped by safe-haven demand, but also on the view that imminent rate hikes from the Bank of Japan against the tide of a global easing cycle.

The yen rose to a one-month high of 143.20 earlier in the session, and for the week thus far, it is up around 1%.

Source: Reuters