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US dollar drives higher
European equities are on the back foot after a surprise drop in German factory orders this morning added to signs that the region’s strongest economy is struggling. The EUR (€1.1380) has fallen to its lowest level outright in a fortnight on the news, after German manufacturing orders had dropped by -1.6% from November. This has confused market consensus, who were expecting a +0.3% rise. Even U.S stock futures seem unfazed by President Trump’s State of the Union address last night, which has proved “fairly uneventful.” Nevertheless, the ‘big’ dollar has extended its gains alongside U.S Treasuries. Asia ... (full story)