Session Recap: Euro recovers ground

FXstreet.com (Córdoba) - The euro advanced versus most competitors during the European session in the wake of the much stronger than expected German industrial orders data, with EUR/USD climbing back above 1.3100 to a high of 1.3131. The move comes after the cross fell to the 1.3050 area on Monday on Draghi comments.

The Cable traded within a narrow range and remains effectively unchanged on the day. The Aussie is among the worst performers after the RBA decided to cut its interest rate, with AUD/USD breaking below 1.0200. Meanwhile, the dollar managed to reverse early losses against the yen, underpinned by EUR/JPY demand, but surrendered gains versus the swissy to trade flat on the day.

Main Headlines in Europe (in chronological order):

Switzerland: Unemployment Rate unchanged at 3.1% in April

Asian markets up but Nikkei rockets upward

Forex Flash: What to do with the EUR/USD? – UBS and Commerzbank

Germany: Annual Factory Orders fall 0.4% in March; up 2.2% MoM

Forex Flash: Commodity Currencies technically bearish - UBS

Dijsselbloem calls for deeper integration of EU financial sector

European markets cheer German factory orders and move higher

May 7, 2013

European markets cheer German factory orders and move higher

The German DAX 30 (+1.08%), the French CAC 40 (+0.68%), the Italian FTSE MIB (+1.46%), the Spanish IBEX 35 (+0.95%), and the rest of European equity indexes are edging higher on Tuesday, as investors celebrate surprising German factory orders figures for March, coming in against market consensus. Data grew by 2.2% in March, instead of contracting -0.5% as expected. February data was revised slightly lower from 2.3% to 2.2%. German factory orders in year-on-year basis dropped further, from -0.2% (revised from 0.0%) to -0.4%, but that came in better than the -2.9% expected. Details showed broad-based gains from the domestic side (+1.8%), as well as exports (ex-Germany EZ orders +4.2% and non-EZ orders +1.9%). Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%.

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May 7, 2013

Forex Flash: EUR shorts continued to shrink – Rabobank

The single currency has found extra support for its upside in the better-than-expected German factory orders during March, posting a monthly expansion of 2.2%, way above forecasts calling for a 0.5% contraction...

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