Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing in December 2015 decreased a seasonally and working-day adjusted 0.7% on November 2015. Analysts were predicting smaller decrease by 0.3%. In November 2015, they increased by 1.5% on October 2015, thus confirming the provisional result published in the previous month.
In December 2015, domestic orders decreased 2.5% while foreign orders increased by 0.6% on the previous month. As regards the direction of trade in foreign transactions, new orders from the euro area were down 6.9% on the previous month, while new orders from other countries increased 5.5%. In December 2015 the manufacturers of intermediate goods fell 2.0% and the manufacturers of capital goods show decreases of 0.5% on the previous month. For consumer goods, an increase in new orders of 4.3% was recorded.
Euro is currently being traded few points above 1.1180 level. Pair is likely to find support around 1.11 handle and resistance above 1.1250 level. Later today, in the US session, NFP and Trade Balance figures are scheduled for a release.
