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German Factory Orders Deliver EUR Support Early in the Session

It was a quieter start to the day on the Eurozone economic calendar on Thursday. Key stats included German factory orders.

In March, factory orders rose by 3.0%, month-on-month, following a 1.2% increase in February. Economists had forecast a 1.7% rise.

According to Destatis,

  • Domestic orders increased by 4.9% and foreign orders by 1.6% month-on-month.
  • New orders from the euro area increased 0.7% and by 2.2% from other countries.
  • Manufacturers of intermediate goods saw new orders increase by 2.8%.
  • Consumer goods manufacturers saw new orders jump by 8.5%, with orders for capital goods up 2.5%.
  • When compared with February 2020, which was the month before restrictions were imposed, turnover was 3.4% lower.
  • Compared on the same month a year earlier, new orders were up 27.8%.

Market Impact

Ahead of the numbers the EUR had fallen to a pre-stat and current day low $1.19932.

In response to the numbers, the EUR slipped to a post-stat low $1.20051 before rising to a post-stat and current day high $1.20278.

At the time of writing, the EUR was up by 0.16% to $1.20228.

EURUSD 060521 Hourly Chart

Next Up

Eurozone retail sales figures followed by the weekly jobless claim figures from the U.S. Prelim U.S unit labor cost and nonfarm productivity figures for the 1st quarter are due out but will likely have limited impact on the broader markets.

From the ECB, the Economic Bulletin is also due out shortly…