A 4% dive in factory orders is being taken in stride as Global macro issues overshadow day-to-day economic data. The data of late is unambiguously negative and suggest the US slowdown is accelerating. This will only deepen the global slowdown, however, one factor keeping the dollar firm despite the lousy US outlook.
The poor data may prompt more book squaring from intraday EUR/USD shorts as the session wears on.
