- German Factory Orders rebounded 0.8% MoM in October vs. -0.2% expected.
- German Factory output decreased 3.2% YoY in October vs. -7.5% expected.
- EUR/USD keeps its range near 1.0480 despite the upbeat German data.
The German Factory Orders surprised markets to the upside in October, suggesting that the manufacturing sector activity is staging a modest recovery.
Contracts for goods ‘Made in Germany’ jumped 0.8% on the month vs. -0.2% expected and -4.0% last, the latest data published by the Federal Statistics Office showed on Tuesday.
On an annualized basis, Germany’s Industrial Orders arrived at -3.2% in the reported month vs. -7.5% expected and -10.8% previous.
FX implications
The shared currency remains unimpressed by the encouraging German factory data. At the time of writing, EUR/USD is losing 0.09% on the day, trading at 1.0482.