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EUR/USD consolidating ahead of German data

Mon, May 09 2016, 06:00 GMT SzrnFX

The EUR/USD is seen consolidating the downside as dust settles over the NFP aftermath, with the major catching fresh bid tone in recent dealings amid broad based US dollar retreat.

The greenback wiped-out gains against its major competitors and now trades muted, underpinning the recovery in EUR/USD. Moreover, mixed market sentiment amid higher oil prices and subdued Asian equities also lifts the safe-haven bids for the EUR.

Last week, the dollar edged higher against a basket of its major peers on Friday as remarks by a Federal Reserve official indicated that U.S. interest rates could still rise sooner than expected, despite a weaker than forecast employment report.

Focus Today Economic Data..

The German factory orders data amid a data-dry trading calendar today. Besides the Euro group meetings will be closely watched for any news on EU referendum ahead of the US LMCI release.

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