- German Factory Orders dropped 1.1% MoM in July vs. -0.2% expected.
- German Factory output plunged -13.6% YoY in July vs. -6.1% expected.
- EUR/USD keeps its range below 1.0000 on the mixed German data.
The German Factory Orders dropped more than expected in July, suggesting that the manufacturing sector gloom in Europe’s economic powerhouse is extending.
Contracts for goods ‘Made in Germany’ fell by 1.1% on the month vs. -0.2% expected and -0.3% last, the latest data published by the Federal Statistics Office showed on Tuesday.
On an annualized basis, Germany’s Industrial Orders arrived at -13.6% in the reported month vs. -6.1% expected and -9.0% previous.
FX implications
The shared currency remains little moved by the mixed German factory data. At the time of writing, EUR/USD is adding 0.31% on the day, trading at 0.9955.