EUR/USD bounced back into an upward channel, after it failed to break through support in the 1.3200 area....

Factory gate prices fell in Europe’s largest economy in July, weighed by a drop in basic good prices....

Congestion area at 129.70 provided significant support yet again, as the pair bounced higher to break above another previous area of congestion serving as resistance around 1360.60 area....

Another poor US data pushed EUR/USD higher for the day....

Manufacturing sales slipped by -0.5%, from a previous +0.7% registered in the previous month and disappointing expectations of +0.3%.USD/C AD rose to 1.03436 soon after the data hit the wires....

US Housing starts for July were up by 5.9%, offsetting a previous -9.9% but disappointing an expected 7.7%.The number of units was up to 896k from a previous 836k....

Here is an hourly chart of Cable showing that the pair just broke above two key levels...

The euro zone CPI figures released this morning for the month of July were in line with the consensus....

The Philadelphia Fed business index for August is far below expectations with a 9.3 reading against an estimate of 15.0 and a previous figure of 19.8....

Industrial production figures remained unchanged at 0.0% for the month of July against an estimated rise of 0.3% slightly down from a previous revised reading of 0.2%....