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Euro Drops on Weak German Orders; Aussie Slumps on RBA Comment


Wednesday, 6 February 2019 17:13 WIB

EuroDolar ASPoundsterling


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The U.S. dollar rose to its highest in over a week against the euro in early trading in Europe Wednesday, after more soft data from Germany underlined the loss of momentum in the euro zone's traditional growth engine.

Incoming orders to German factories fell by 1.6% in December, their second straight monthly drop and the biggest monthly fall since June.

Economists had expected an increase of 0.3% on the month.

The news is likely to result in a weak start to the year for German industrial production, which tends to follow the orders data with a lag of one or two months.

At 03:00 AM ET (08:00 GMT), the euro was at $1.1383, having earlier hit a two-week low of 1.1380.

The British pound also slipped to a two-week low of $1.2926 after reports that Prime Minister Theresa May had accepted that the so-called “Irish backstop” would have to be a part of any withdrawal agreement it signs with the European Union.

Source : Investing.com


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