Release Explanation: Determines the worth of new purchase orders placed with domestic manufacturers for durable and non-durable goods.
Trade Desk Thoughts: Industrial orders fell in January for a sixth consecutive month. The market anticipated industrial orders would fall 5.7% in January, instead of the released number that saw orders decline by 3.4%. The previously released number, for the month of December, was revised much lower, to a record of -8.0%.
Excluding ships, railway & aerospace equipment, industrial new orders decreased by 3.3% in the Euro-area. Industrial new orders are now at the lowest level seen in the last decade, while from one-year earlier, industrial orders declined in the Euro-area by a huge 34.1%.
Forex Technical Reaction: The euro was sold heavily during the European session as the single currency plunged 140 pips against the dollar and 170 pips against the yen.