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Euro higher in an uneventful European part of the session

Thursday, May 07 2015
It is a steadier European part of the session with only minor importance German Factory Orders and French Trade Balance and Industrial Production figures being released. New orders in Germany in manufacturing in March 2015 increased a seasonally and working-day adjusted 0.9% on February 2015, missing forecats on 1.6% increase. In March 2015, domestic orders increased 4.3% and foreign orders decreased 1.6% on the previous month. As regards the direction of trade in foreign transactions, new orders from the euro area were up 2.5% on the previous month, while new orders from other countries declined by 4.0%. 
 
As for French Industrial Production it increased again in the manufacturing industry (+0.3%, after +0.5%) while it fell back in the industry as a whole (–0.3% after +0.5%). Analysts were predicting 0.1% increase. French Trade Balance deficit rose to 4.5 billion euros, also below expectations on narrowing to 3.5 billion.
 
Euro is currently being traded few points above  1.1370 level. Pair is likely to find support around 1.13 handle and resistance above 1.1430 area. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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