News Column

Euro Falls After Disappointing German Factory Orders Data

August 5, 2014

BRUSSELS (Alliance News) - The euro declined against most major currencies ahead of European deals on Wednesday, after the release of dismal German factory orders for June.

German factory orders declined unexpectedly in June as both domestic and foreign orders decreased from prior month, Destatis reported.

Factory orders were down by an adjusted 3.2% in June from May, when it fell by 1.6%. Economists had forecast a 0.9% increase for June.

The euro declined to a 6-day low of 0.7915 against the pound and a 1-week low of 136.95 versus the yen, compared to yesterday's closing quotes of 0.7919 and 137.20,respectively.

The single currency hit 1.3348 against US dollar, its lowest since November 2013. At yesterday's close, the pair was worth 1.3375.

The euro may face support around 1.33 against the greenback, 0.78 against the pound and 136.00 against the yen.

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Source: Alliance News

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