Release Explanation: Measures the value of new orders placed with manufacturers in an economic region for both durable and non-durable goods.
TheLFB-Forex.com Trade Desk Thoughts: Factory orders in Germany took another strong hit in February, adding to the record decline seen in the last few months. In February, factory orders fell 3.5%, while the number for January was revised to -6.7%.
TheLFB-Forex.com Trade Team says, “The release shows the severity of the downturn of the German industry, since both foreign and internal demand plunged in the last few months. From one year earlier, factory orders are down by 38.5% in February.”
Forex Technical Reaction: The euro gained 60 pips since the London session opened, but still trades below Tuesday’s closing price. Earlier in the day, the euro bounced off the 100-day simple moving average.