New manufacturing orders in Germany, the strongest economy in the eurozone, grew in July by 3.4%, according to data from the Federal Statistical Office Destais released moments ago, to come better than expectations that indicated a decline of about 0.9%, while the June reading was revised up to 4.6% to reach its highest level. Since the beginning of the time series in 1991.
In details, domestic orders declined by 2.5%, while foreign orders increased by 8%, while new orders from the euro zone declined by 4.1%, and orders from other countries increased by 15.7%.
The euro against the US dollar has been trading down by about 15 points since the beginning of the session, taking advantage of the rise in the US dollar amid the absence of liquidity in the opening session of the markets, coinciding with the Labor Day holiday in the United States of America and anticipation of the European Central Bank meeting next Thursday.
06/11/2024
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