German Factory Orders for April Disappoint, Weighing on the EUR

It was a quieter day on the economic data front. From the Eurozone, German factory orders were in focus.

In April, factory orders slipped by 0.2% following a 3.9% jump in March. Economists had forecast a 1% rise.

According to Destatis,

• Domestic orders declined by 4.3%, while foreign orders rose by 2.7% month-on-month.
• Intermediate goods orders fell by 1.0%, while capital goods orders rose by a modest 0.2%.
• The manufacturers of consumer goods reported a 1.4% increase, however.
• On the same month a year earlier, orders were up 78.9%.
• When compared with February 2020, which was the month prior to COVID-19 restrictions were imposed, orders were 9.9% higher.

Market Impact

Ahead of today’s numbers the EUR had risen to a pre-stat high and current day high $1.21728 before easing back to a pre-stat low $1.21581.

In response to today’s stats, the EUR rose to a post-stat high $1.21621 before falling to a post-stat and current day low $1.21515.

At the time of writing, the EUR was down by 0.13% to $1.21517.