German Factory Orders drop 2.7% MoM in April, a negative surprise

  • German Factory Orders fell 2.7% MoM in April.
  • German Retail Sales arrived at -6.2% YoY in Apr vs. -3.1% previous.
  • EUR/USD keeps range below 1.0700 amid dismal German data.

The German Factory Orders declined in April, suggesting that the manufacturing sector downturn in Europe’s economic powerhouse is deepening.

Contracts for goods ‘Made in Germany’ dropped by 2.7% on the month vs. 0.5% expected and -4.2% last, the latest data published by the Federal Statistics Office showed on Tuesday.

On an annualized basis, Germany’s Industrial Orders slumped 6.2% in the reported month vs. -3.1% previous.

FX implications

The shared currency remains unfazed by the disappointing German factory data.

At the time of writing, EUR/USD is down 0.26% on the day, trading at 1.0666.

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