The EUR-USD moved to session lows despite a 1% m/m rise in July industry orders, which was much stronger than expected. EUR-USD traded over 1.4680, where good size corporate account bids underpinned. Today’s euro moved is being pinned on a marked pick up in reserve management dollar demand. Eastern European names were tipped early on, but the bulk of the flows have been seen out of Asia, with some names looking capitalise on the dollar’s softest levels in a month. Trading has been frenetic and volumes patchy according to sources, which has exacerbated price action. Overall, the uncertainty surrounding the U.S. bailout plan and subsequent impact on the U.S.'s fiscal position and GDP growth is a potential dollar negative, which is likely to influence over the medium term.