EUR/USD Little Lower, German PPI Improves

EUR/USD is trading at 1.0998, down 0.0015. The pair is trading moderately choppy and in the middle of the session range. Market chatter about the ECB policy meeting on Thursday is making the rounds. Germany's Federal Statistical Office reported that producer prices (PPI) fell 2.2 percent year over year in June, improving from the 2.7 percent fall in May. On the month German PPI rose 0.4 percent in June versus a 0.4 percent rise in May. The European Commission is scheduled to report July Euro area consumer confidence at 10:00 a.m. ET. The European Central Bank meets tomorrow and is scheduled to announce if there is any change to monetary policy at 7:45 a.m. ET. The announcement will be followed by a press conference held by European Central Bank President Mario Draghi at 8:30 a.m. ET.