German Factory Orders meet estimates with 1.2% MoM in Feb, EUR/USD uninspired
- German Factory Orders rose by 1.2% MoM in February.
- On a yearly basis, Germany’s Factory Orders jump by 5.6% in February.
- EUR/USD remains unaffected by Germany’s factory data, hovering around 1.1870.
The German Factory Orders increased as expected in February, suggesting that the manufacturing sector in Europe’s economic powerhouse continues its post-pandemic recovery.
Contracts for goods ‘Made in Germany’ arrived at 1.2% on the month vs. 1.2% expected and 1.4% last, the latest data published by the Federal Statistics Office showed on Thursday.
On an annualized basis, Germany’s Industrial Orders rose sharply by 5.6% in the reported month vs. 2.5% previous.
The shared currency shrugs off the German Factory Orders data, as EUR/USD kept its range around 1.1870, almost unchanged on the day.
About German Factory Orders
The Factory orders released by the Deutsche Bundesbank is an indicator that includes shipments, inventories, and new and unfilled orders. An increase in the factory order total may indicate an expansion in the German economy and could be an inflationary factor. It is worth noting that the German Factory barely influences, either positively or negatively, the total Eurozone GDP. A high reading is positive (or bullish) for the EUR, while a low reading is negative.
“Source from fxstreet”