- German Factory Orders plunged 4.0% MoM in September vs. -0.5% expected.
- German Factory output slumped 10.8% YoY in September vs. -8.8% expected.
- EUR/USD keeps its range near 0.9780 despite awful German data.
The German Factory Orders missed expectations for the third straight month in September, suggesting that the manufacturing sector activity is deep in murky waters.
Contracts for goods ‘Made in Germany’ tumbled 4.0% on the month vs. -0.5% expected and -2.0% last, the latest data published by the Federal Statistics Office showed on Friday.
On an annualized basis, Germany’s Industrial Orders arrived at -10.8% in the reported month vs. -8.8% expected and -3.8% previous.
FX implications
The shared currency remains unfazed by the disappointing German factory data. At the time of writing, EUR/USD is adding 0.32% on the day, trading at 0.9780.