- German Factory Orders rose 0.1% MoM in May vs. -2.7% last.
- German Factory output arrived at -3.1% YoY in May vs. -6.2% previous.
- EUR/USD keeps range below 1.0250 on the German data.
The German Factory Orders rebounded in May, suggesting that the manufacturing sector downturn in Europe’s economic powerhouse is flattening.
Contracts for goods ‘Made in Germany’ jumped by 0.1% on the month vs. -0.6% expected and -2.7% last, the latest data published by the Federal Statistics Office showed on Wednesday.
On an annualized basis, Germany’s Industrial Orders arrived at -3.1% in the reported month vs. -6.2% previous.
FX implications
The shared currency remains unfazed by the upbeat German factory data.
At the time of writing, EUR/USD is down 0.21% on the day, trading at 1.0242.
