- German Factory Orders fell 2.7% m/m in July.
- German Factory Orders plunged 5.6% y/y in July.
The German Factory Orders fell sharply in July, suggesting that the manufacturing recession in Europe’s largest economy is picking up pace.
Contracts for goods ‘Made in Germany’ arrived at -2.7% on the month vs. +2.5% last, the latest data published by the Federal Statistics Office showed on Thursday.
On an annualized basis, Germany’s Industrial Orders fell 5.6% vs. -1.1% expectations and -3.6% last.
The shared currency came under fresh selling pressure on poor German factory orders data, sending the EUR/USD pair closer towards the 1.10 handle.
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