German Factory Orders data for December rose a solid 6.9% in the month, versus expectations for a 2.0% gain, Scotiabank's Chief FX Strategist Shaun Osborne notes.  

EUR slips lower on the day

"This data series has been choppy in the past few months and orders for Q4 overall were flat. Still, the late year jump, along with survey data, suggest that the industrial sector may be stabilizing, albeit at a relatively soft level. Tariff risks, energy costs and uncertainties around next month’s election may keep activity trends relatively subdued in the early part of this year." 

"Spot peaked just under 1.0450 yesterday. Losses in the EUR since then appear corrective and may extend a little more after the squeeze higher seen earlier this week. Support is 1.0290/00."