* German industrial orders fall 1.7 % in July.
* No let up in the UK house price slide.
* Oil inventory data may be not quite as it seems.
* Hedge funds facing big losses after Hurricane Gustav.
Eur/Usd started the session with an early test of offers in the 1.4540/50 region, but the release of the German ordes data has spelt the end of this nascent recovery, with the pair currently trading at 1.4470. ADP employment data is a small appetiser, before the main dish of the day, the ECB press conference.
