Destatis reported that German factory orders declined unexpectedly in June as both domestic and foreign orders decreased from prior month. 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.
Within total orders, domestic orders declined 1.9% in June. Foreign orders dipped by 4.1% as demand from euro area plunged 10.4%.
Traders await the monetary policy announcement of the
The meeting will be accompanied by press conference of ECB president
Investors sentiment weakened on concerns over
Meanwhile, a 72-hour humanitarian cease-fire went into effect on Tuesday in the
The euro fell to a 9-month low of 1.3348 against the US dollar, from an early high of 1.3375. The euro may test support near the 1.332 area.
Against the pound and the yen, the euro dropped to 1-week lows of 0.7915 and 136.95 from early highs of 0.7923 and 137.23, respectively. If the euro extends its downtrend, it is likely to find support around 0.78 against the pound and 136.52 against the yen.
Pulling away from an early high of 1.2160 against the Swiss franc, the euro slipped to a 2-day low of 1.2156. Continuation of bearish trend may lead the euro to a support around the 1.214 mark.
Looking ahead, Swiss CPI for July, Retail PMIs for July from major European economies and
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