EUR/USD wavers above 0.9600 ahead of US durable goods data

EUR/USD has hovered around 0.9610 as the market players’ focus shifts to US Durable Goods Orders data. Costly durable goods and accelerating interest rates have trimmed expectations for US economic data.

ECB Lagarde’s speech provide clues for likely monetary policy action ahead. The EUR/USD pair is displaying back-and-forth moves in a narrow range of 0.9600-0.9627 in the early Tokyo session. The asset has turned sideways as investors are awaiting the release of the US Durable Goods Orders data.

Earlier, the pair experienced a responsive buying action after dropping to near 0.9550 on Monday. The asset witnessed a steep fall on negative market sentiment, which forced the market participants to dump risk-perceived currencies further.

As per the preliminary estimates, the US Durable Goods Orders are expected to decline by 1.1% against the prior decline of 0.1%. As the price rise index for core products is scaling higher, households have ditched their purchases and are spending in seldom on essentials. Inflation-adjusted payouts and subdued earnings have forced them to alter their expenditure pattern.