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Germany: Factory orders fall 3.7% in October vs. 0% expected

The Factory orders fell 3.7% in Germany last October after growing 0.2% in September, according to Destatis. This is the first drop recorded in three months. The decline disappoints the market forecasts, which expected there to be no changes and the indicator to be neutral at 0%.

Year-on-year, orders fell 7.3% after falling 4.3% the previous month, chaining four consecutive months of falls.

As reported by Destatis, the less volatile quarterly comparison showed that new orders were 4.6% lower in the period from August to October 2023 than in the previous three months. New orders, excluding large-scale orders, increased by 0.7% in October 2023 compared to the previous month.

Euro reaction

The Euro has fallen about 10 pips against the Dollar after the publication of the data, sliding to 1.0779, the new low of the day. At the time of writing, the pair is trading around 1.0782, losing 0.10% daily.

Source: Fx Street

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