Data released on Monday showed a decline in German factory orders in February, as the due to weakening foreign demand, which reflected the impact of the coronavirus before the start of precautionary measures.
Data released by the Bureau of Statistics indicated that German factory orders shrank in February by 1.4%, while forecasts referred to a decline of 2.7%. The previous reading of the index in the first month of the year was 4.8%.
On the other hand, the current situation in the German economy from the rapid increase in the number of people infected and deaths by the coronavirus and the commitment of the state to maintain the closure measures, all of this puts us in front of a strong expectation of significant declines in orders during March and April.
In a continuous way, the eurozone's largest economy is likely to contract 3-6% this year because of the disruption of economic activity to prevent the spread of the virus.
Regarding Covid-19 latest update, the number of people infected with Covid-19 in Germany has reached 100,123 confirmed cases, while the total number of deaths is around 1,584.
As of 08:59 GMT, the
EUR/USD pair traded at 1.0788, while the lowest level recorded during the
session was at 1.0783.