NEW YORK, July 16 (Reuters) - The euro and sterling erased earlier gains against the dollar on Thursday after the Philadelphia Federal Reserve's business index fell in July, suggesting the U.S. manufacturing slump continues.

The euro fell back to $1.4105 EUR=, flat on the day, from around $1.4120. Sterling fell to $1.6408 GBP=D4, down 0.1 percent from late Wednesday.

The dollar also extended losses against the yen, dipping to 93.39 yen JPY=, down 0.9 percent on the day. (Editing by Theodore d'Afflisio)