German manufacturing orders fell sharply in December as data from the Federal Statistics agency showed. Manufacturing orders were down 2.1% in December.
This follows a revised 0.8% increase in November. Economists forecast an increase of 0.7% for December. Domestic orders rose 1.4% while foreign orders fell 4.5%.
EUR/USD Breaks Past the Psychological Support
The common currency maintains its bearish trend as price broke past the 1.1000 level of psychological support. The strong declines below this level indicate a move to the next support at 1.0952.
We could expect price to stabilize around this level into the close of the week.
