German factory orders fall in November, worse than market expectations

Factory orders in Germany fell during the month of November, worse than what markets had initially anticipated and also partially offsetting the investment-driven surge that occurred last month.

Orders, adjusted for seasonal swings and inflation, dropped 2.5 percent from October, when they jumped a revised 5 percent, data released by the Economy Ministry in Berlin showed Friday. That compares with a median estimate of a 2.4 percent decline in a Bloomberg survey. Orders gained 3 percent from a year earlier.

"Despite the decline in November, the results point to a very favorable development of orders in the final quarter of the year. The significant increase in overall demand signals a revival of manufacturing in the winter half," Bloomberg reported, citing an e-mailed statement from the Ministry.

Orders in the two months through November were up 3.5 percent from the August-September period, the ministry said. The drop in the penultimate month of last year was amplified by weak demand for big-ticket items, it added.

Further, investment-goods orders declined 4.8 percent from October, while demand for basic and consumer goods increased.

Meanwhile, the EUR/USD traded at 1.06, down -0.08 percent, while at 9:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 70.80 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex