German factory orders take slide in December. The EUR and the DAX Futures avoid taking a dive in response, supported by the promise of more fiscal support.
It’s a relatively quiet day on the Eurozone economic calendar today. German factory orders were in focus ahead of the European open.
Later this morning, French nonfarm payrolls for Q4 are due out. The payroll numbers should have a muted impact on the EUR and the CAC40.
In December, factory orders slid by 1.9% month-on-month, partially reversing an upwardly revised 2.7% jump in November.
According to Destatis,
After taking hits earlier in the week, the EUR showed some resilience in spite of the disappointing numbers.
Upon release of the stats, the EUR rose from $1.19655 to $1.19669 before hitting reverse. The reversal saw the EUR slide to $1.19629 before finding support, steering well clear of an early current day low $1.19521.
At the time of writing, the EUR was up by 0.01% from the open to $1.19626.
For the European equity markets, the disappointing numbers failed to weigh on the DAX futures ahead of the open.
At the time of writing, the DAX30 was up by 30 points.
This time around, both the EUR and the DAX had the promise of further fiscal support to cushion the blow.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.