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German March Factory orders disappoint- EUR/USD hits session lows

The German March Factory orders data has just been released and was expected to deliver a rise of 0.4%, compared to a prior gain of 0.2%. The annualised reading was expected to show a rebound to -0.7% from a previous fall of -10.6%. The actual  data has revealed  a fall of 0.4% and the annualised rate has fallen by  1.9%. The price monthly reading was revised markedly lower too. That has been revised down to -0.8% and that makes this data all the more anaemic. Ahead of this the EUR/USD had been holding a tight range since the US close last night at 1.0769. The failure to reclaim levels above 1.08 yesterday was surely a real disappointment to Euro bulls, given all that surrounded it since the US data releases on Friday. The Euro topped out yesterday at 1.0791. The range seen ahead of this German data had been covered by 1.0757 to 1.0777 and it was hitting session lows just ahead of the data. It is just now trading at 1.0756 

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