Euro Zone Industrial Orders Fall Below Consensus

Euro Zone Industrial New Orders (YoY) (FEB)
Actual:??? 4.7%
Consensus:??7.6%
Previous:??? 12.2% (revised from 12.0%

Industrial New Orders fell considerably below consensus estimates, as a sizeable drop in Electrical & Optical as well as Transport equipment led the overall headline lower. The notoriously volatile index still fell short of December lows at 1.7 percent, but such a sharp drop is nonetheless worrying for the future of Industrial strength. This may also leave risks slightly to the downside for tomorrow’s IFO report, with a potential slowdown in New Orders to leave a discernable mark on investor sentiment.

The EURUSD completely ignored the release, rallying nearly 10 points in the moments following the report.