German factory orders jump 4.6% in July

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A big bounce in the euro-zone’s locomotive: factory orders in Germany rose 4.6% in July, raising hopes for strong growth in the third quarter. This is triple the expectations. In addition, this comes on top of an upwards revision for June: a drop of 2.7% instead of 3.2% originally reported.

Germany was expected to report a bounce back in factory orders: 1.5% in July after a big drop of 3.2% in June. Year over year, orders fell 4.3% in June.

EUR/USD was trading steadily at around 1.3145 in anticipation of the big event: the ECB decision. It seems to shrug off this piece of data, as all eyes are on Draghi.

Well, the pair does move a few pips higher, but this is certainly below what would be expected from such a positive surprise in an important release.

Here is the ECB Preview: 4 options – lower forecasts but probably no action

Support appears at 1.31. Resistance is at 1.3150, followed by 1.3175.

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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