Forexpros – German factory orders fell significantly more-than-expected in July, dropping for the first time in four months, official data showed on Tuesday.
In a report, Deutsche Bundesbank said factory orders dropped by a seasonally adjusted 2.8% in July, after climbing by 1.8% in June.
Analysts had expected German factory orders to decline by 1.5% in July.
Year-over-year, German factory orders rose at an annualized rate of 8.7% in July, after climbing at a rate of 9.4% in June. Analysts had expected year-on-year German factory orders to rise at an annualized rate of 9.8%.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.57% to trade at 1.4179.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 0.65%, France’s CAC 40 rose 0.6%, the FTSE 100 jumped 1.3%, while Germany’s DAX advanced 0.6%.
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