German Factory Orders drop 3.7% MoM in October vs. 0% expected
|Germany’s Factory Orders unexpectedly declined in October, the official data published by the Federal Statistics Office showed Wednesday, suggesting that the German manufacturing sector recovery is in the doldrums once again.
On a monthly basis, contracts for goods ‘Made in Germany’ dropped 3.7% when compared to a 0.2% increase reported in September, missing the forecasts of a 0% reading.
Germany’s Industrial Orders plunged at an annual rate of 7.3% in the reported month, as against the previous fall of 4.3%.
FX implications
The down German data is weighing on the Euro, with the EUR/USD pair losing 0.08% on the day to trade at 1.0785, as of writing.
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