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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
