German Industry Orders Fall in July

German industrial orders fell more than expected in July but a sharp upward revision for the previous month suggested the industrial sector in Europe’s largest economy has extended its recovery into the third quarter.

A plunge in euro zone orders for capital goods drove a 2.7 percent drop in industry orders in July, seasonally adjusted data from the Economy Ministry showed on Thursday, missing the consensus forecast in a Reuters poll for a 1 percent fall.

But the reading for June was revised up to a 5.0 percent surge, the sharpest rise in more than two and a half years, from a previously reported 3.8 percent.

The ministry said bulk orders were slightly below average in July. Industry intake remained overall on a moderate upward path, rising 3.3 percent over June and July compared with the previous two months, it added.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza