EUR/USD REMAINS OFFERED ABOVE 1.0700 AHEAD OF DATA, LAGARDE

EUR/USD gives away part of the weekly advance on Wednesday.

Chairwoman C.Lagarde is due to speak later in the session.

Markets’ attention is expected to be on the US Retail Sales.

Sellers seem to have regained the upper hand around the European currency and now put EUR/USD under some pressure near the 1.0700 neighbourhood on Wednesday.

EUR/USD appears supported near 1.0700, looks at Lagarde

After two consecutive daily advances – including a brief test of the area beyond 1.0800 the figure on Tuesday - EUR/USD now faces some loss of momentum and recedes to the 1.0700 zone, where decent contention seems to have turned up.

In the meantime, the dollar regains some composure following the heightened volatility in the wake of the publication of the US inflation figures on Tuesday.

Furthermore, the pair keeps the multi-session consolidative theme in the lower end of the recent range unchanged so far, as investors continue to closely monitor message from both the ECB and the Fed policymakers.

In the domestic calendar, EMU Balance of Trade figures are due seconded by Industrial Production and the speech by Chairwoman C.Lagarde at the European Parliament. Busy day across the pond, as Retail Sales, MBA Mortgage Applications, Industrial Production, the NAHB Index, Business Inventories, the NY Empire State Index and TIC Flows are all scheduled for later in the NA session.