Date: Tuesday 08 Jun 2010
On a seasonally adjusted basis German manufacturing orders in April rose 2.8% after rising 5.1% in March. Economists had predicted a 0.4% April decline. On a year on year basis April orders were up 29.6%.
Despite the strong German data the euro remained below $1.20 after Friday’s shock warning from Hungary about its deficit problems and weaker than expected US jobs figures.
Sterling reduced losses against the dollar as some risk appetite moved back onto the table although nerves remained as Prime Minister David Cameron warned “painful” cuts will be needed to tackle Britain’s budget deficit
Traders will be looking ahead to Wednesday’s trade data while the Bank of England is widely expected to keep interest rates on hold at 0.5% and its quantitative easing programme at £200bn on Thursday.
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