News Column

Euro Declines After German Factory Orders Data

July 3, 2014

CANBERA (Alliance News) - The euro slipped against most major currencies ahead of European deals on Friday, after German factory orders fell more-than-forecast in May.

The provisional data from Destatis showed that Germany's new manufacturing orders fell by seasonally adjusted 1.7% month-on-month in May. Economists had forecast a 1.1% fall in new orders after rising revised 3.4% in April.

The euro fell to a 2-day low of 138.75 against the yen, compared to 139.07 hit late New York Thursday.

The euro hit 0.7918 against the pound, its lowest since September 2012.

The euro edged down to 1.3597 against the greenback, closer towards yesterday's weekly low. Against the aussie, the euro weakened to 1.4517.

The next possible downside target for the euro is seen around 1.35 against the greenback, 0.78 against the pound, 1.44 against the aussie and 137.00 against the yen.

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Source: Alliance News

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