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  • 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.