• EUR/USD managed to keep a hold of 1.1050 on Tuesday, but action is tilted downside.
• US PMI figures that flubbed forecasts stoked a fresh bid into the Greenback.
• US NFP labor numbers due this week will be a guiding print for Fed rate cut depth.

EUR/USD tilted further into the low side on Tuesday, with intraday bottom bids testing into two-week lows before settling the day near 1.1050 once again. Price action remains limited as markets gear up for one last US Nonfarm Payrolls (NFP) print this week, but a flop in US ISM Purchasing Managers Index (PMI) figures reignited fears of an impending recession.

Meaningful European data remains limited in the front half of the trading week, and Thursday will see Fiber traders with their hands full thanks to an update to pan-European Retail Sales in July followed by US preview labor figures before Friday’s NFP jobs dump.

Pan-EU Retail Sales for the year ended in July are expected to recovery slightly, forecast to print at 0.1% YoY compared to the previous period’s -0.3% decline. European Gross Domestic Product (GDP) figures are also slated for Friday, and growth is broadly expected to hold steady at previous figures in the second quarter.

ISM’s US Manufacturing PMI for August came in below expectations, printing at 47.2 and missing the median market forecast of 47.5. Despite a soft rebound from July’s multi-month low of 46.8 failed to galvanize markets, giving already flighty investors a perfect excuse to pull back from a recent lopsided tilt into bullish expectations.