EUR/USD retreats towards three-month low surrounding 1.0700 as Fed vs. ECB battle intensifies

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• EUR/USD fades corrective bounce off multi-day low as Fed hawks gain acceptance.
• Upbeat US data, Fed Beige Book suggest soft landing in the US and favor hawkish Federal Reserve bias.
• Eurozone statistics, ECB comments fail to defend Euro due to unimpressive outcomes, recession woes.
• German Industrial Production, Eurozone GDP and multiple Fed policymakers’ speeches eyed for fresh impetus.

EUR/USD bears stay in the driver’s seat despite late Wednesday’s corrective bounce, declining to 1.0720 amid early Thursday in Asia. In doing so, the Euro pair reverses the previous day’s corrective bounce off the lowest level in three months while bracing for the eighth consecutive weekly loss.