Germany’s Factory Orders Take a Downturn in October
Newly released data from the Federal Statistics Office has shown a sudden decrease in Germany’s factory orders for the month of October. This indicates that the German production sector may be facing some challenges and remains in a tough spot for the time being.
According to the report, agreements for items ‘Made in Germany’ dropped by 3.7% on a monthly basis, a sharp contrast to the 0.2% increase that was reported in September. This decline also missed the projections of a 0% reading, highlighting the unexpected nature of the decrease.
On an annual basis, Germany’s Industrial Orders plunged by 7.3% in October, as compared to the previous fall of 4.3%, indicating a concerning trend in the sector.
FX Ramifications
Following this concerning news, the Euro is facing some pressure in the market, with the EUR/USD set losing 0.08% on the day to trade at 1.0785, as of the time of writing.
