Anna 
In the early hours of the European market opening on Wednesday, the Euro continued to face downward pressure as German factory orders disappointed, sparking concerns about a potential deep recession within the Euro Area.
The latest data from Germany revealed a notable setback in the manufacturing sector, as new orders for products manufactured in the country saw a 3.7% decline in October. This downturn defied market expectations of a flat performance and followed a meager 0.2% increase in September.
This concerning trend surfaces on the heels of the Euro Area’s services PMI report, indicating a contraction in the sector’s activity for the fourth consecutive month in November. This downturn poses a significant challenge for the European Central Bank’s (ECB) monetary tightening plans, raising questions about the region’s economic stability.
As the day progresses, all eyes are on the upcoming Retail Sales data, which is anticipated to show a moderate improvement for the previous month. This potential positive development may offer some relief to the beleaguered Euro. However, the primary focus of the market remains on the forthcoming US ADP (Automatic Data Processing) data scheduled for release at 12:15 GMT today, with expectations that it could further impact the Euro’s performance.
