EMU factory orders released this morning have risen by 3.1% in June, leaping to a 19-month high. This follows news that business confidence in France and Germany rose to its highest level in two years and supports the view that the eurozone is on the road to recovery.

Factory orders are still down over -25% on an annual basis as the region has experienced the worst recession since WW2. Unemployment continues to be a drag on recovery prospects but the increase in factory orders is a positive sign for the economy. The euro has advanced for three consecutive days against the yen while also climbing against the pound.

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