Factory Orders for the month of March have been announced in Germany. The announced rate of a 4% decline surprised the market as there was an expectation of a 0.4% while the previous month recorded a 1.9% rise. On an annual basis the announced rate for the physical month ending at March was at 8.4% deviating significantly from the 15.4% market speculation and the 21.1% for the previous month’s year end. Following the announcement for the Eurozone’s biggest economy the Euro lost as much as 25 pips against the Dollar and recorded a session low at 1.4817.
The market is currently waiting for the next very important announcement which wills the interest rates decision in the Eurozone. Despite the rates being expected to remain steady at 1.25% the comment of the ECB president Jean-Claude Trichet, on a future interest rate hike and the economy will determine how the Euro will move.