EUR/USD hovers around 1.1600 ahead of ECB meeting, US critical data

• EUR/USD consolidates on Thursday ahead of the ECB update.
• US Treasury yields rebounds following lower stocks.
• ECB policy meeting, US GDP, and Initial Jobless Claims hold the key for today.

EUR/USD trades cautiously on Thursday in the Asian trading hour. The pair recovered from the recent lows around 1.1580 zone. At the time of writing, EUR/USD is trading at 1.1608, up 0.03% for the day.
 
The shared currency gained some traction, following Germany's GFK Consumer Confidence, which improved from 0.4 to 0.9 in October, beating market expectations. Also, the EU reported September Money Supply, which increased by 7.4%, below the market consensus.

Traders now, bracing up for the European Central Bank (ECB) monetary policy decision. The ECB is widely expected to maintain its dovish stance, but policymakers may pave the way for a tighter monetary policy.

The greenback remained steady around 93.80, tracing the rebound in the US T-bonds yields. The US Durable Goods Orders fell 0.4% in September, better than the -1.1% expected. The preliminary estimate of the September Goods Trade Balance posted a deficit of $96.3 billion, larger than the previous $-89.4 billion.

As for now, traders are waiting for the Eurozone Consumer Confidence, ECB Interest Rate Decision, US Gross Domestic Product (GDP), and Initial Jobless Claims to  take fresh trading impetus.

EUR/USD additional levels