The euro started North American trading at 1.3511 after a solid run higher from 1.3462, the European and day's low on better risk appetite and a slightly better GfK consumer confidence number in Germany (7.1 vs. 7.0) for October. The European top at 1.3520 was limited by good size offer which traders did not challenge.
Weaker than forecast U.S. durable goods orders in August (0.1% vs. -0.2%, ex-transport -0.1% vs. 1.0%, July -8.1% vs. -7.3%) at 8:30 am and a sizable negative revision to July orders countered the downward drift in the euro after the U.S. open with a brief spike to 1.3515, but again the orders at 1.3520 capped upward movement and the slide lower resumed.
After bottoming at 1.3495 just before 10:00 am short covering in the euro crosses and losses in Treasury yields, (10-year generic closed off 4 basis points to 2.62%), gradually propelled the euro higher. This time the orders above 1.3520 presented little problem, from the speed of the move through 1.3520 it seemed likely that the orders had been pulled or moved higher. The euro touched 1.3537 about 30 minutes before the London close, sloughed to 1.3527, peaked again at 1.3536 at the close and then subsided almost completely, moving between 1.3520 and 1.3532 for the final five hours of the session.