Release Explanation: Measures the value of new orders placed with manufacturers in an economic region for both durable and non-durable goods.

Trade Desk Thoughts: Factory orders in Germany took another strong hit in January, adding to the record decline seen in the last few months. In January, factory orders tumbled 8.0%, while the previous released number for October was revised to -7.6%. 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 37.9% in January.

Forex Technical Reaction: The euro moved side-ways in the first part of the European session, but has started to gain on the dollar. Currently, the euro trades near the Asian open price, but is 100 pips above the low of the session.