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.

Dhwani Mehta FXStreet

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.

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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