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Euro slides versus US dollar amid weak German factory orders
German factory orders fell 10.6% in August, and EURUSD was pushed toward 1.1200 after failing to hold above 1.1230 earlier.
The euro remained under pressure against a firmer US dollar on Tuesday, with FXStreet attributing the move to rising political uncertainty and concerns around worsening fiscal conditions and potential debt contagion in the region.
FXStreet said the latest German data added to the downside pressure, noting that new orders for products manufactured in Germany plunged 10.6% in August after a 3.2% gain in July.
The outlet also pointed to the details behind the drop, including a 61% fall in seasonally adjusted sales of transport equipment such as aircraft, ships, trains and military vehicles, while excluding large-scale orders sales declined 0.1%.
As a result, FXStreet reported EURUSD pushing toward the 1.1200 level after an earlier mild recovery attempt was capped just below 1.1230.