Intra-day Market Moving News and Views
05 Nov 2015 07:35GMT
EUR/USD - ........ Despite gaining respite in Asia and staged a minor recovery to 1.0877 after yesterday's selloff to a 3-month trough of 1.0844 in New York, the pair came under renewed selling pressure as euro bears gave the single currency a fresh bashing on downbeat German data at European open.
Reuters reported German industrial orders dropped unexpectedly in September, the third consecutive monthly fall, due mainly to weaker foreign demand, data showed on Thursday, in a sign that Europe's biggest economy may loose steam at the end of this year.
Contracts for 'Made in Germany' goods were down by 1.7% on the month, the economy ministry said. That compared with a Reuters consensus forecast for a rise of 1.0%.
German factories received 2.4% fewer bookings from abroad, driven by a 6.7% slide in demand from euro zone countries, while domestic orders fell by 0.6%.
The data for August was confirmed as a 1.8% fall.
"Overall, the industrial orders are currently in a weak phase," the ministry said.
News from Reuters, on ECB's SMETS comments:
-Sees risk that inflation expectations become unanchored.
-Governing council will make fresh assessment of the situation at next meeting.
-All options open to ECB, could adjust scope, make-up and term of bond purchases.
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