EUR/USD has managed to stage a rebound and climbed above 0.9900 after having touched its lowest level in 20 years below 0.9870 on Tuesday.
The EUR/USD pair enjoyed some short-lived demand, reaching a daily high of 0.9986. The pair’s had trimmed intraday gains ahead of the US opening and returned to the 0.9930 price zone before plummeting towards the current 0.9900 price zone.
European equities opened lower amid soaring gas prices, following news that Gazprom has indefinitely closed the Nord Stream 1 pipeline but managed to recover some ground. Nevertheless, the shared currency is among the weakest dollar rivals.
Germany published July Factory Orders, which fell by 1.1% MoM and by 13.6% compared to a year earlier, much worse than anticipated and confirming the economic setback of the Union.
Dollar gains are limited ahead of the release of key US data. The country will publish the ISM Services PMI, foreseen in August at 55.1, down from 56.7 in the previous month. S&P Global will release the final estimate of its Services PMI for the same month, previously estimated at 44.1, and the Composite PMI, expected to be confirmed at 45.