The locomotive of the eurozone is experiencing an acceleration in factory orders with a leap of 5.5%, far above expectations. EUR/USD is moving higher above 1.1230. Year over year, orders are down 1.4% compared with 5.2% that economists had expected.
Germany, Europe’s largest economy, was projected to report an increase of 1.4% in Factory Orders in January after a plunge of 2.1% in December 2019. Concerns about the old continent’s industrial sector have been weighing on the common currency.
EUR/USD was trading around 1.1230 ahead of the publication, off the seven-month highs around 1.1249.
Fears of the spread of the coronavirus outbreak have been pushing US bond yields and the dollar lower in recent days.