German March engineering orders +18% yy

Data released by the German VDMA engineering union 2 May

• +18% in real terms vs March 2015
• cites stronger demand from abroad
• Jan-March yy+5.0%

VDMA chief economist Olaf Wortlann expresses caution however:

"The underlying basic economic trend is that new orders remain so weak that we continue to expect a stagnation in real engineering production this year"

Rightly cautious but EURUSD ploughs higher again to post fresh session highs of 1.1484.

Strong sell interest into the 1.1500 barrier option looms large.