The German factory orders decreased by 11.7% during the month of July after growing 7.6% in June (figure revised up from 7%), according to the Federal Bank of Germany. The drop worsens market forecasts, whose consensus was for a 4% decline.
This is the first decline in the indicator after three consecutive months of increases. In addition, the one in July is the biggest drop in factory orders since April 2020, in the midst of the first wave of the covid pandemic.
On a year-over-year basis, factory orders fell 10.5% in July after rising 3.3% in June (revised up from 3%). This is the largest decline seen in four months, since March.
EUR/USD reaction
He EUR/USD it has fallen just over 10 pips after the release, trading near 1.0725 after previously hitting a daily high of 1.0738. At time of writing, the pair is trading above 1.0731, gaining 0.08% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
