FX:Euro zone industrial new orders drop more-than-expected
Forexpros - Industrial new orders in the euro zone dropped more-than-expected in February, tumbling for the second consecutive month, official data showed on Tuesday.
In a report, Eurostat said that industrial new orders fell by a seasonally adjusted 1.3% in February, compared to expectations for a 0.5% drop.
Industrial new orders for January were revised to a decline of 2.9% from a previously reported drop of 2.3%.
The report showed that the annualized rate of industrial new orders in the euro zone tumbled 6.1% in February from a year earlier, after dropping at a revised rate of 4.3% in the previous month.
As of today, Eurostat has discontinued the release of Industrial Orders figures.
Following the release of the data, the euro remained modestly higher against the U.S. dollar, with EUR/USD easing up 0.08% to trade at 1.3166.
Meanwhile, European stock markets held on to gains following the weak data. The EURO STOXX 50 jumped 0.75%, France’s CAC 40 rose 0.8%, London’s FTSE 100 added 0.5%, while Germany's DAX advanced 0.75%.
