Euro (EUR) slips after soft German data

[FXMAG]

The euro is under pressure and is trading at 1.0557, down 0.58% on the day. This follows a spectacular session on Wednesday, when EUR/USD jumped 0.94%, its best one-day showing since March.



German Factory Orders slide
German factory orders plunged 4.7% MoM in March, after a decline of 0.8% in February. The sharp drop caught the markets off guard, as the consensus estimate stood at -1.1%. The weak release reflects ongoing difficulties for the manufacturing sector, which is grappling with supply chain disruptions and higher costs. The harsh Covid lockdowns in China are likely to exacerbate the situation, as almost half of German companies rely on imports from China, according to an Ifo survey.

https://www.fxmag.com/forex/euro-eur-slips-after-soft-german-data