Latest data released by Destatis - 5 July 2019
- Prior +0.3%; revised to +0.4%
- Factory orders -8.6% vs -6.2% y/y expected
- Prior -5.3%
Slight delay in the release by the source. Very poor figures for May and this won't help to ease concerns about weakening factory activity in the German economy. All this does here is exacerbate worries about the economy grinding to a standstill in Q2 this year.
The monthly drop itself is bad but year-on-year, a 8.6% fall in terms of factory orders compared to a year ago is where the pain is being felt.
EUR/USD has slipped to a low of 1.1276 from 1.1284 earlier. On any other day, I reckon there'll be a more profound reaction but today, it's all about the payrolls data still.
