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Really bad German data could threaten the EUR/USD again
The noted German Factory orders and retail sales data has just been released. The markets were expecting a rebound in the November sales data, of around 0.5% compared to a revised fall of 0.3% seen in October. Factory orders were forecast to fall again by around 0.2%, after dropping by 1.5% in October. The actual data has seen sales fall by 0.6% and factory orders are even worse. they have fallen by a whopping 5.4%. The EUR/USD has not reacted much yet to these releases, but in truth it really should. This was poor data all around and nothing positive can be extracted from it. The EUR/USD is right now at 1.0345 and that 1.0335 level is surely in the crosshairs again now
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