The dollar consolidated during the Asian and European AM sessions with market participants hunkering down ahead of the U.S. July employment report. EUR-USD weathered weaker German data, with industrial production unexpectedly dipping 1.4% m/m in June data (the median forecast had been for a 0.9% rise). The euro dipped to a 1.0907 low in the wake of the data before recouping losses, which were never more than 20 pips. Yesterday's strong orders data points to a rebound in production.
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