German Factory Orders rise 2.9% MoM in July vs. -1.5% expected

Germany’s Factory Orders unexpectedly rose in July, according to the official data published by the Federal Statistics Office on Thursday, suggesting that the German manufacturing sector recovery holds momentum.

Over the month, contracts for goods ‘Made in Germany’ climbed by 2.9% in July, having registered a 4.6% growth in June while beating the estimates of a 1.5% drop.

Germany’s Industrial Orders jumped 3.7% in the year through July, as against the previous slump of 11.2%.

FX implications

The Euro remains unmoved by the upbeat German data, as the EUR/USD pair keeps its range near 1.1080, almost unchanged on the day, as of writing.