German Factory Orders Provide Little EUR ComfortGerman factory orders bounce back, reversing the slide in May. While beating forecasts, the numbers were not good enough to give the EUR a boost, however.
Following the private sector PMIs through the 1st half of the week, the German economy was back in the spotlight this morning.
Factory orders were in focus ahead of the European open.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
German Factory Orders
In June, factory orders jumped by 4.1%, month-on-month, coming well ahead of a forecasted 1.8% rise. In May, orders had tumbled by 3.7%.
According to Destatis,
- Domestic orders jumped by 9.6%, while foreign orders rose by just 0.4%.
- New orders in the euro area increased 1.3%, while new orders from outside the euro area slipped by 0.2%, compared with May 2021.
- When compared with Feb-2020, new orders were 11.2% higher and up 26.2% on the same month a year earlier.
Ahead of today’s numbers, the EUR had fallen to a pre-stat and current day low $1.18315 before finding support.
In response to today’s stats, the EUR rose to a post-stat high $1.18371 before falling back to a post-stat and current day low $1.18315.
At the time of writing, the EUR was down by 0.03% to $1.18331.
The ECB Economic Bulletin is due out later this morning ahead of U.S trade and weekly jobless claims data. Expect plenty of interest in the Economic Bulletin and market sensitivity to the jobless claims data.