- German Factory Orders dropped 1.4% MoM in February.
- On a yearly basis. Germany’s Factory Orders jumped 1.5% YoY in February.
- EUR/USD eases-off daily highs, eyes coronavirus updates.
The German Factory Orders dropped in February, suggesting that the manufacturing sector in Europe’s largest economy is not out of the woods yet.
Contracts for goods ‘Made in Germany’ arrived at -1.4% on the month vs. -1.9% expected and +5.5% last, the latest data published by the Federal Statistics Office showed on Monday.
On an annualized basis, Germany’s Industrial Orders jumped 1.5% in the second month of 2020 vs. -1.4% previous.
About German Factory Orders
The Factory orders released by the Deutsche Bundesbank is an indicator that includes shipments, inventories, and new and unfilled orders. An increase in the factory order total may indicate an expansion in the German economy and could be an inflationary factor. It is worth noting that the German Factory barely influences, either positively or negatively, the total Eurozone GDP. A high reading is positive (or bullish) for the EUR, while a low reading is negative.
The shared currency inched a few pips lower on the mixed German Factory Orders data, with the EUR/USD pair now paring gains to trade around the 1.0820 region amid a risk-on market profile. The spot hit a daily high of 1.0835 just a few minutes before the data release.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.