Despite disappointing German data, the euro has a good Monday

The only European data release of significance yesterday were German monthly factory orders released early in the morning. Eyes have been on German data over recent weeks, with the talismanic European economy having showing some signs of fatigue with a string of disappointing releases. Yesterday’s factory orders did nothing to buck the trend, coming in below forecast, 10.6% down on the previous month’s figure. Despite this, the euro did somehow gain ground against both sterling and the US dollar, although this trend has started to reverse this morning

It looks set to be a relatively quiet week in terms of both economic data and risk in the Eurozone, but Thursday’s speech from central bank President Mario Draghi could trigger some volatility.