Further signs that Germany is dangerously close to recession emerged this afternoon with the release of a worse than expected reading on manufacturing orders. Manufacturing orders in the eurozone's largest economy fell a seasonally adjusted 3.9pc in March from February, according to the Economy and Labour Ministry. Economists had forecast orders to fall by 0.7pc month-on-month. In February, orders fell a revised 0.8pc month-on-month. The Ministry said the fall in March was due to a decline in domestic orders. Domestic orders fell a seasonally adjusted 5.6pc in March from February, and were unchanged on an unadjusted basis year-on-year. Foreign orders fell a seasonally adjusted 2.0pc from February, and fell an unadjusted 0.1pc year-on-year. On a two-monthly basis, orders fell a seasonally adjusted 0.8pc in February/March compared to December/January, and were up an unadjusted 2.1pc compared to February/March 2002. Domestic orders fell a seasonally adjusted 0.5pc in February/March compared to December/January, and were up an unadjusted 2.0pc compared to February/March 2002. //www.fxcentre.com