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German factory orders rise more-than-expected in January

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Forex Pros - German factory orders rose more-than-expected in January, official data showed on Tuesday.

In a report, Deutsche Bundesbank said factory orders rose by a seasonally adjusted 2.9% in January, after tumbling by 3.6% in December, whose figure was revised from a decline of 3.4%.

Analysts had expected German factory orders to rise by 2.5% in January.

The data showed that year-on-year German factory orders rose more-than-expected in January, rising by an annualized 16.0%, compared to a jump of 19.6% in December. Analysts had expected year-on-year German factory orders to rise by 15.6% in January.

Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.37% to hit 1.3918.

Meanwhile, European stock markets were higher. The EURO STOXX 50 climbed 0.41%, France's CAC 40 added 0.36%, Germany's DAX gained 0.28%, while the FTSE 100 rose 0.11%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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