German Factory Orders Worst Than Expected

German factory orders shrunk to 2.2 percent m/m for May, much worse than analysts’ expectations of -0.1 percent just to reaffirm the dismal economic environment in Germany and in the EU also. The figure for April was at +0.3 percent. The EURUSD hit the daily low at 1.1274 after the news, in low volumes and in narrow trading range. Strong support for the pair stands at 1.1260.Don’t miss a beat! Follow us on Twitter.