The euro weakened against both the pound and dollar yesterday due to poor economic data from Germany.
German factory orders for May fell -3.7%, down from 1.2% in April, and well below the consensus of a 1% growth. This was due to supply chain shortages and bottleneck, which have been hindering the manufacturing sector.
German ZEW Economic Expectations followed, which slowed for the second month in a row. Despite this, the report was optimistic about economic conditions for the next 6 months.
More data for Germany will be released tomorrow, including Balance of Trade figures.
