German Factory Orders plunge 11.7% MoM in July vs. -4.0% expected

Dhwani Mehta FXStreet

According to the official data released by the Federal Statistics Office of Germany, the Factory Orders data showed a sharp decline in July, suggesting that the German manufacturing sector is in the doldrums once again.

On a monthly basis, contracts for goods ‘Made in Germany’ slumped 11.7%, compared with -4.0% expected and 7.6% previous figure.

Germany’s Industrial Orders tumbled at an annual rate of 10.5% in the reported month, as against the 3.3% increase in June.

FX implications

The weak German data fails to deter Euro bulls, as the EUR/USD pair holds the recovery mode intact near 1.0730, at the time of writing, up 0.09% so far.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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