- German Factory Orders dropped by 2.2% MoM in February.
- German Retail Sales arrived at 2.9% YoY in Feb vs. 7.3% previous.
- EUR/USD remains pressured below 1.0900 amid dismal German data.
The German Factory Orders declined more than expected in February, suggesting that the recovery in the manufacturing sector of Europe’s economic powerhouse is in the doldrums.
Contracts for goods ‘Made in Germany’ dropped by 2.2% on the month vs. -0.2% expected and 1.8% last, the latest data published by the Federal Statistics Office showed on Wednesday.
On an annualized basis, Germany’s Industrial Orders rose by 2.9% in the reported month vs. 7.3% previous.
FX implications
The shared currency remains weighed by the notable US dollar demand amid the Ukraine crisis-driven risk-off mood and hawkish Fed’s expectations.
At the time of writing, EUR/USD is down 0.20% on the day, trading at 1.0880.