German Factory Orders drop 2.4% MoM in August vs. -0.7% expected
|- German Factory Orders dropped 2.4% MoM in August vs. -0.7% expected.
- German Factory output fell 4.1% YoY in August vs. -11.4% expected.
- EUR/USD keeps its range near-daily highs of 0.9926 on the German data.
The German Factory Orders fell short of expectations once again in August, suggesting that the manufacturing sector activity is losing additional momentum.
Contracts for goods ‘Made in Germany’ fell by 2.4% on the month vs. -0.7% expected and -1.1% last, the latest data published by the Federal Statistics Office showed on Thursday.
On an annualized basis, Germany’s Industrial Orders arrived at -4.1% in the reported month vs. -11.4% expected and -13.6% previous.
FX implications
The shared currency remains unfazed by the disappointing German factory data. At the time of writing, EUR/USD is adding 0.33% on the day, trading at 0.9915.
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