EUR/USD consolidates below 1.0000 as focus shifts to US Durable Goods Orders

• EUR/USD is juggling in a 13-pip range as investors await US Durable Goods Orders data.
• The US Durable Goods Orders data is likely to trim to 0.5% vs. 2%.
• A mixed German PMI helped EUR/USD in bottoming out after hitting a multi-year low of 0.9900.

The EUR/USD pair is displaying back and forth moves in a narrow range of 0.9959-0.9972 in the early Tokyo session. The asset has turned sideways after a mild correction from 1.0012 and is expected to continue its lackluster performance as investors are awaiting the release of the US Durable Goods Orders data.

On Tuesday, the asset printed a multi-year low near 0.9900 as the US dollar index (DXY) got strengthened. However, the release of mixed German Purchasing Managers Index (PMI) data helped the asset in bottoming out quickly. The German Manufacturing PMI improved to 49.8 from the expectations of 48.2 and the prior release of 49.3. However, the Services PMI contracted to 48.2 against the forecast of 49 and the former release of 49.9.

The shared currency bulls attempted to regain the territory above the magical figure of 1.0000 after the US dollar index (DXY) tumbled on poor US PMI data. The Services PMI contracted vigorously to 44.1 against the forecast of 49.2 and the prior release of 47.3. Also, the Manufacturing PMI landed lower to 51.3 vs. estimates of 52 and the prior release of 52.2.

The Eurozone bulls still have a chance to establish above the 1.0000 figure if US Durable Goods Orders also get contracted. As per the market consensus, the economic data is expected to slip to 0.6% against the former figure of 2%. In times, when the US economy has already displayed an unchanged US core Consumer Price Index (CPI), a decline in the economic data is not lucrative for the US dollar index (DXY).