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EUR/USD edges further above 1.0750 as German data beats the street
The latest German factory orders have not long ago been released and it surely surprised to the upside. German factory orders surged in December, rising by 8.9%, where a -0.2% decline had been forecast. That is one heck of a beat on forecasts. Now quite often the EUR/USD does not react much to this data, but given this surge, it would seem wrong for it not to this morning. So, the rebound in the Euro, which was already underway has now gotten a shot in the arm. The EUR/USD had come close to the noted support at 1.0712 support level yesterday. The low seen yesterday came right on the 4pm London fix, when it fell back to 1.0723. It later closed in the US at 1.0743. This surprisingly strong German data has seen it just now hit a session high at 1.0761
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