Destatis

Destatis
  • prior -0.6%
  • factory orders WDA- 5.4% vs -6.3% expected
  • -6.7% prior revised to -6.5%

EURUSD a few ticks higher a pick up in orders here which we might expect with the US-China trade phase 1 deal on the verge of being signed. In the big scheme of things the German factory orders are still falling and Germany is now expected to be in recessionary territory. The Eurozone economy is driven by German manufacturing and for the Euro to pick up, Germany needs to show a recovery. This is a start and more good news from US-China negotiations will help further.