Trade Desk Thoughts - Euro-Area Industrial New Orders

Euro-area Industrial New Orders Actual 1.0%, Expected -0.7%, Previous -0.5% (Revised from -0.3%)

Release Explanation: Measures the total value of the output from mines, industrial factories and utilities is in the Industrial read. The value of manufactured goods is in the Manufacturing read. High production numbers usually denote an economy in an upwards trend, or growth period. These reports are reactive to change and are well respected.

Trade Desk Thoughts: Industrial orders rose unexpectedly in July from the previous month. The market anticipated industrial orders falling by 0.7% in July, instead of the released number that saw order rise by 1.0%. Excluding ships, railway & aerospace equipment industrial new orders fell by 1.4% in the Euro-area.

From one year earlier, industrial orders in the Euro-area rose by 1.6%. There was a huge month-over-month increase in the transport equipment, which rose by 10.0%. Year over year, the biggest gain was observed in the chemical products industry, which rose 7%, while machinery and equipment fell by 6.3% from one year earlier.

Forex Technical Reaction: The euro is still trying to take out the 1.4700 level, the same area today’s neutral pivot

The LFB-Forex.com