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Forex: EUR/USD in highs around 1.3130

FXstreet.com (Barcelona) - The euro accelerates its upside through 1.3100 on Tuesday, hitting fresh intraday highs in the boundaries of 1.3130 after German Factory Orders expanded above estimates, triggering a sharp shift towards the risk-on trade amongst investors.

“The significant rise in manufacturing was surprising when compared to Germany’s PMI for March, which reached a 3-month low of 49.0 and indicated a decrease in sector activity… Following the 0.6% decline in GDP in Q4, the Bundesbank predicted in February that the economy will return to growth in the first quarter on improved industrial production”, commented Benjamin Spier at DailyFX Research.

At the moment, the cross is advancing 0.38% at 1.3125 with the next hurdle at 1.3141 (high May 6) ahead of 1.3160 (high May 3) and then 1.3220 (high May 2).
On the flip side, a dip beyond 1.3068 (low May 7) would aim for 1.3053 (low May 6) and finally 1.3033 (low May 3).

Forex: USD/CAD enters fresh lows below 1.0051

After stabilizing at 1.0070, the USD/CAD first rose to 1.0083 high ahead of the European opening before easing strongly after the German factory orders indicator that boosted risk sentiment throughout the FX market. The cross was able to breach below May-1 low at 1.0051 to register fresh lows since February, reaching 1.0036.
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European markets cheer German factory orders and move higher

The German DAX 30 (+1.08%), the French CAC 40 (+0.68%), the Italian FTSE MIB (+1.46%), the Spanish IBEX 35 (+0.95%), and the rest of European equity indexes are edging higher on Tuesday, as investors celebrate surprising German factory orders figures for March, coming in against market consensus. Data grew by 2.2% in March, instead of contracting -0.5% as expected. February data was revised slightly lower from 2.3% to 2.2%. German factory orders in year-on-year basis dropped further, from -0.2% (revised from 0.0%) to -0.4%, but that came in better than the -2.9% expected. Details showed broad-based gains from the domestic side (+1.8%), as well as exports (ex-Germany EZ orders +4.2% and non-EZ orders +1.9%). Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%.
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