The euro lost marginal ground vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4355 level and was capped around the $1.4445 level. Data released in the U.S. today saw July Challenger job cuts off 5.7% y/y, an improvement from the prior -9.0% reading. Also, the July ADP employment report evidenced a 371,000 pullback in private sector payrolls, worse-than-expected but an improvement from the revised 463,000 decline in June. These data may not bode well for Friday€™s July non-farm payrolls report that some economists will continue to show a moderation in the labour market€™s weakness. Many forecasts are focusing on a job loss total of 275,000 for last month. Other data released today saw the July non-manufacturing composite index print at 46.4, below the prior June reading of 47.0. Some traders expected a better result for the services industry in July. Additionally, it was reported that June factory orders grew 0.4% m/m, better than expected but below the revised May reading of +1.1% m/m. The ex-transportation component was up 2.3%. In eurozone news, the EMU-16 July composite output index € combining both the manufacturing and service sectors € improved to 47.0 from 44.6 in June. These data, however, indicate that output has contracted for a fourteenth consecutive month. The EMU-16 services business activity index improved to a nine-month high of 45.7 in July from 44.7 in June while the PMI manufacturing reading rallied to an eleven-month high of 46.3 in July from 42.6 in June. It was also reported that EMU-16 retail sales were off 0.2% m/m and off 2.4% y/y. Euro bids are cited around the US$ 1.3900 figure.