Industrial new orders rates for the month of January have been announced by Eurostat. The announced figure of 0.1% (Month on Month) was much lower than the expected 1.3% and the previous 2.7%. On a Yearly basis the figure was 20.9% slightly lower than the expected 21.4% rate and bigger than the previous 19.2%. Upon the announcement at 10:00 GMT a small trough occurred in the EUROGBP pair after which the pair continues to rise.
The Industrial new orders indicate the value of new contracts for goods in the manufacturing sector. A higher rate will be associated with a growth in the economy and therefore hawkish behavior of the currency. The EURGBP pair is currently traded at 0.8723 which is so far the session’s high.