The Euro?s failure to close near its high yesterday was a good leading indicator for today?s weakness. In contrast to the sharp rise in factory orders, industrial production actually fell short of expectations in the month of June. It appears that big ticket items boosted orders and those take time to be reflected in production. Current account and trade figures from Germany are due for release tomorrow. Although we could see further losses in the Euro, support should come in at 1.3670. The European Central Bank is still expected to raise interest rates next month and there is no major US or European data left on the economic calendar. As a result, the EUR/USD is most likely expected to revert back into 1.3600-1.3850 trading range.
Current account and trade figures from Germany are due for release tomorrow. Although we could see further losses in the Euro, support should come in at 1.3670. The European Central Bank is still expected to raise interest rates next month and there is no major US or European data left on the economic calendar. As a result, the EUR/USD is most likely expected to revert back into 1.3600-1.3850 trading range.