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    German Factory Orders Rise But Fail to Impress the EUR

    Abstract:German factory orders rise by more than expected in January. While failing to provide immediate EUR support, the numbers should provide some cushion early on.

      After a particularly quiet economic calendar through the Asian session, German factory orders were in focus.

      Manufacturing data from Germany has been upbeat at the turn of the year. Factory orders for January needed to be aligned with the survey-based data.

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      Factory Orders

      In January, factory orders increased by 1.4%, coming in ahead of a forecasted 0.7% increase. In December, orders had fallen by 1.9%.

      According to Destatis,

    •   Compared with January 2020, new orders were up 2.5% and up by 3.7% when compared with February 2020.

    •   Domestic orders slid by 2.6%, while foreign orders increased by 4.2%, month-on-month.

    •   New orders from the euro area rose 3.9%, with new orders from other countries jumping by 4.4%.

    •   Manufacturers of intermediate goods saw new orders increase by 0.2%, with new orders of capital goods up 3.3%.

    •   Consumer goods manufacturers, however, reported a 5.8% slide in new orders.

      Market Impact

      Ahead of todays stats, it was a mixed start for the EUR. Early in the day, the EUR had struck a current day high $1.19771 before falling to a pre-stat low $1.19516.

      In response to the stats, however, the EUR slid from $1.19537 to a current day low $1.19482.

      At the time of writing, the EUR was down by 0.10% to $1.19514.

      [fx-image src=/2021/03/EURUSD-050321-Minute-Chart.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/03/EURUSD-050321-Minute-Chart.png originalWidth=1789 ratio=2.04]

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      U.S nonfarm payrolls and Februarys unemployment rate.

      Wage growth and trade data are also due out of the U.S but should have a muted impact on the Dollar and the broader markets.

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