EUR/USD consolidating break of major support

EUR/USD is consolidating losses after losing support in the 1.4680/85 area in London this morning.

Commodity currencies have been a bit of a canary in the coal mine as AUD was unable to build on an additional hike in rates by the RBA overnight.

Now that EUR/USD has broken support, traders are eying the 1.4480 region as the next area of major support for the single currency. Offers are seen at 1.4680/85 short-term with more up at 1.4825/30.

Factory orders and new car sales are the economic focus for the market during the US session,but expect attention to focus on Wall Street to see how the stock and commodity markets react to renewed dollar strength. Equities are about 0.5% lower in electronic trade.