The euro depreciated modestly vis-Ã -vis the U.S. dollar today as the single currency tested bids around the US$ 1.4015 level and was capped around the $1.4195 level. Data released in the U.S. today saw June durable goods orders decline 2.5%, a sharp swing downward from the +1.8% prior release and the expected -0.6% print. The ex-transportation component, in contrast, notched growth of 1.1%, up from the revised 0.8% print in May and above the 0.0% forecast. Additionally, MBA mortgage applications were off 6.3% last week, down from the +2.8% print the prior week. Traders await the Federal Reserve€™s July Beige Book later in the North American session for any clues about how the Fed will unwind its massive monetary stimuli. In eurozone news, the European Central Bank€™s quarterly lending survey reported banks continued to tighten credit conditions in the second quarter, albeit at a lesser rate than in previous quarters. German provisional July consumer price inflation data were released that indicated many German states saw negative inflation growth in July. This will likely prod the ECB into continuing its generous liquidity provision for the next couple of quarters. Specifically, it was reported CPI was likely to have fallen year-over-year for the first time in more than twenty years. Euro bids are cited around the US$ 1.3900 figure.
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