09:01:27 06-06-2023
German Factory Orders fall 0.4% MoM in April vs. 3.8% expected
- German Factory Orders dropped 0.4% MoM in April vs. 3.8% expected.
- German Factory output tumbled 9.9% YoY in April vs. -8.4% expected.
- EUR/USD remains unfazed near 1.0725 following the downbeat German data.
The German Factory Orders data showed an unexpected drop in April, suggesting that the manufacturing sector recovery is losing further momentum.
Contracts for goods ‘Made in Germany’ came in at -0.4% on the month vs. 3.8% expected and -10.9% previous, the latest data published by the Federal Statistics Office showed on Tuesday.
On an annualized basis, Germany’s Industrial Orders arrived at -9.9% in the reported month vs. -8.4% expected and an 11.2% collapse seen in March.
FX implications
The shared currency shrugs off downbeat German factory data. At the time of writing, EUR/USD is trading at 1.0723, holding 0.11% gains on the day.