Euro Trades Flat Ahead of Critical Economic Data

The Euro (EUR) is trading flat above $1.1600 against the US Dollar (USD) on Friday, as investors remain cautious ahead of key economic releases.

Data from Germany showed that Factory Orders rose 2.5% in July, exceeding expectations of a 0.3% increase and following a 3.7% gain in June.

Later on the day, Eurozone Retail Sales are expected to show a bounce back up by 0.3% in July, reversing June's 0.3% drop.

The US Nonfarm Payrolls (NFP) report is set to be released during the US session, but analysts at TD Securities argue that its impact on the USD might be softer than usual due to investors waiting for next week's Consumer Price Index (CPI) figures to assess the chances of a rate hike at the Fed meeting on September 15 and 16.