EURUSD “..a little doji at the centre of an irregular morning star three-candle chart pattern.” Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

EURUSD SHORT TERM TRADER: New long at 1.1245; stop below 1.1170. Target 1.1380.

EURUSD POSITION TAKER: Square.

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Tanking German factory orders Some of the worst on record

Data out early this morning showed just how hard a hit Germany’s industrial giants have suffered at the start of this year. February factory orders collapsed by 4.2 per cent on the month, rather than the forecast bounce from January’s 2.6 per cent fall. In an admittedly erratic series, this contrasts starkly with the more usual plus 3 to 4 per cent and regular 2.5 per cent declines. On an annualised basis orders crashed to a negative 8.4 per cent, far worse than the 5.4 per cent drop predicted, and the worst reading since August 2009 – which was in turn close to the biggest drop since 1993’s record decline.

City AM reports today that Hellenic Petroleum, by yesterday’s closing date, had received no binding bids for a 50.1 stake in Greece’s largest refiner. The privatisation was forced on the nation by the troika working on the terms of the bailout that started in 2010. The privatisation agency gave scant details and will now meet to consider the next steps. As alarming is the fact that privatisations executed over nearly a decade have raised a mere €5.8 billion, and the Hellenic one was expected to rake in another €1.3 billion.

Financial Markets and Political Commentary
 

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