Germany factory orders drop the most since August
New orders received by German manufacturers have shrunk at the steepest monthly rate since August in November.Factory orders dropped 5.4% month-over-month in November, compared to a 1.5% slump in Octo
New orders received by German manufacturers have shrunk at the steepest monthly rate since August in November.
Factory orders dropped 5.4% month-over-month in November, compared to a 1.5% slump in October and market consensus of zero growth.
The latest figure was mostly driven by a 58.4% drop in orders for aircraft, ships and trains, data by the Federal Statistical Office showed.
In November, demand was also weaker for pharmaceuticals (-7.2% month-over-month) and for basic metals (-1.2% month-over-month).
Conversely, demand was stronger for chemical products (+1.7%) and for machinery (+1.2%).
The Euro was little changed on the day against the US Dollar, with the EUR/USD currency pair last trading at 1.0336.
The US Dollar remained underpinned on expectations the Federal Reserve will probably slow its rate-cutting cycle, as most recent macro data implied a stable economic environment.
Markets are now pricing in only one rate cut by the Fed in 2025, while the European Central Bank is expected to deliver substantial cuts to key policy rates this year.
The Euro kept trading not far from an over 2-year low (1.0222) against the greenback.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
