German Factory Orders plunge 4.7% MoM in March, a big miss
|- German Factory Orders slumped 4.7% MoM in March.
- German Retail Sales arrived at -3.1% YoY in Feb vs. 4.3% previous.
- EUR/USD keeps range around d 1.0615 amid dismal German data.
The German Factory Orders fell sharply in March, suggesting that the manufacturing sector of Europe’s economic powerhouse is seeing a fresh downturn.
Contracts for goods ‘Made in Germany’ declined by 4.7% on the month vs. -1.1% expected and -0.8% last, the latest data published by the Federal Statistics Office showed on Thursday.
On an annualized basis, Germany’s Industrial Orders fell by 3.1% in the reported month vs. 4.3% previous.
FX implications
The shared currency remains unfazed by the disappointing German factory data.
At the time of writing, EUR/USD is down 0.08% on the day, trading at 1.0611.
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