Worse than expected data from the US: factory orders fell 1% in September and the previous month of August was revised down from -1.7% to -2.1%. The IBD/TIPP Economic optimism also fell short of predictions wit 45.5 points instead of 47.4 expected.
The US dollar remains is retreating just a bit after the news.
The United States was expected to report a drop of 0.9% in factory orders after a big fall of 1.7% in the previous month.
The US dollar was raging strong before the release with EUR/USD falling to 1.0936. The pair is gradually grinding higher in the aftermath, but the USD seems relatively strong.
Here is the EUR/USD chart which shows the fall and the limited recovery, The US dollar seems to be bid despite another worse than expected figure. Yesterday’s ISM Manufacturing PMI showed contraction in employment – a sign of jobs lost in this sector.
