09 October 2023, EUR/USD
EURUSD trading plan:
German industrial orders rose more than expected in August due to a strong increase in computing, electronic and optical products, but the outlook for the sector remains challenging. Orders rose by 3.9% on the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. This means that incoming orders have stabilised after a two-year decline. However, this stabilisation is at a lower level than before and companies will have to gradually adjust their production in the coming months. The less volatile three-month on three-month comparison showed that new orders were 4.9% higher in the period from June to August than in the previous three months. The weak external environment and the high level of uncertainty in Germany still call for caution. Germany is teetering on the brink of a recession, which does not bode well for the euro's prospects.
Investment idea: range 1.0500 -1.0585.
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