EUR/USD holding upper ground as German Factory orders surprise to the upside

Following the previous update, the July German Factory orders data has just been released and it has certainly surprised to the upside. Orders rose by 3.9%, where a fall of 1.7% was forecast. That is quite a beat and there is no breakdown here yet on what was behind it, but the suspicion is that it was all about arms production. However, the EUR/USD has not exactly jumped on this news and neither have the DAX futures. That said the EUR/USD held most of the gains seen yesterday. As expected the EUR/USD did not make much further progress yesterday afternoon and it topped out art 1.1095 and later fell back to 1.1065. The EUR/USD closed in the US at 1.1082 and it is not far removed from that US closing level this morning. The range seen so far today has been covered by 1.1075 to 1.1086. Whilst not exactly jumping on that factory orders data, the better outcome there has helped to keep the Euro elevated in relative terms so far this morning. It is currently trading at 1.1082