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Negative macroeconomic statistics from Germany

Negative macroeconomic statistics from Germany | 08 May 2023

08 May 2023, EUR/USD

Negative macroeconomic statistics from Germany

EURUSD trading plan:

German industrial orders fell significantly more than expected in March, decreasing by 10.7% from the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. It marks the largest month-on-month decline since 2020 at the height of the COVID-19 pandemic. The vehicle construction sector had a particularly strong impact on the result, with incoming orders falling by 47.4% compared with the previous month. There was a large increase in orders in February that failed to materialise a month later, the office said.

Investment idea: sell 1.1105 and take profit 1.1050.

David Johnson
Analyst of «FreshForex» company
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