The German factory orders grew 1% m/m in January after rising 3.4% in December (revised up from 3.2%), bettering the 1% decline forecast by consensus.
On a yearly basis, factory orders plunged 10.9% after falling 9.9% the previous month (revised from -10.1%). This is the eleventh consecutive month of declines in the indicator, and January’s is the biggest decline since July.
EUR/USD reaction
He EUR/USD has bounced at the European open, initially dipping to an intraday low of 1.0674 after the data before rising to 1.0685. In any case, the tone of the pair is bullish after it took off in the middle of yesterday’s American session to 1.0694, the maximum of the last two weeks. At time of writing, the euro is trading against the dollar at about 1.0684, gaining 0.07% daily.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
