Latest data released by Destatis - 4 April 2019
- Prior -2.6%; revised to -2.1%
- Factory orders WDA -8.4% vs -3.1% y/y expected
- Prior -3.9%; revised to -3.6%
Slight delay in the release by the source. That's a massive miss there in terms of industrial orders but the cushion to ease the blow here is that plenty of the negative sentiment here has been factored in by the weak manufacturing PMI surveys from February and March already.
It is data points like these that continue to justify the ECB's decision to pause the normalising cycle this year. EUR/USD is off a little from 1.1245 earlier to 1.1235 currently but still holds in a narrow range on the day.
