Latest data released by Destatis - 6 February 2020
- Prior -1.3%; revised to -0.8%
- Factory orders WDA -8.7% vs -6.6% y/y expected
- Prior -6.5%; revised to -6.0%
Industrial orders unexpectedly slumped towards the end of last year and continues to reaffirm sluggish factory activity in the German economy still. Of note, the annual reading falls to its lowest since September 2009.
The euro is taking the report in stride with EUR/USD still at 1.0999 for now. But I don't think it would take a whole lot to nudge it past support around 1.0990-00 and key support around 1.0981 if things continue down this path.
