EUR/USD Bounces Off Session Lows Amid Mixed Economic Data
The EUR/USD currency pair experienced a bounce off its session lows to trade around 1.1388, after the release of new data on Wednesday.
This rebound pushed the pair slightly above the 100-hour moving average line and provided some respite from the downward trend that has been in place for the past few hours.
From a fundamental perspective, the EUR/USD is trading during a relatively busy period in both markets. The Germany import price index for June came in better than expected with a change of 6.1% versus a forecast of 6%. Additionally, the EU's M3 Money Supply for June outshone the forecasted (YoY) change of 3.2%, with a change of 3.3%.
In contrast, the US durable goods orders for June missed the expected change of 1.6%, with a change of 0.3%. The Richmond Fed Manufacturing Index for July also fell short of the forecast of 10, with a reading of 5, up from 4 in June.