EUR/USD stays defensive around 1.0730 as it seeks more clues to confirm the latest bearish bias that pleased bears with a three-month low. That said,
and the US seemed to have weighed on the Euro pair the previous day before the pre-data anxiety that prods the pair sellers amid the early hours of Wednesday’s trading.
Further, the European Central Bank’s monthly survey of consumer expectations for inflation hints at no change in the next 12-month figure of 3.4% in July but an upward revision to the three-year ahead version to 2.4% for the said month versus 2.3% expected in June. The ECB survey details also said that the expectations for economic growth over the next 12 months became slightly more negative, however, the expected unemployment rate in 12 months was unchanged.
On the other hand, US Factory Orders for July dropped to the lowest since mid-2020 while posting -2.1% MoM figures versus -0.1% expectations and 2.3% previous growth. However, the orders excluding transport rose 0.8% MoM, Shipments of goods stayed firmer and inventories marked the first increase in three months.Governor Christopher Waller signaled during a CNBC interview that data will drive whether the Fed needs to lift rates again, as well as confirm whether the Fed is done raising rates.
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