International Forex Inforamtion

Euro rebounds strongly today, boosted by combined effect of strong Germany data and rebound in stocks. Germany factory orders posted strong upside surprise today, showing 4.4% mom gain in May while markets expected a mere 0.5% rise. This was the third consecutive month of expansion and the fastest pace since June 2007. The data argues that German industrial production's deterioration may be coming to an end and worst of recession in the economy has passed. Major European stocks index also recovers mildly from yesterday's loss. Euro takes the lead to rebound against dollar and yen and is followed by strength in Aussie. Canadian dollar is also lifted by strong building permits data which rose 14.8% mom in May even though crude oil remains soft.