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German July Factory Orders surprise to the upside - ING

FXStreet (Łódź) - Carsten Brzeski from ING comments on the German Factory Orders for July, which grew 4.6% on a monthly basis, following a 2.7% drop the previous month and beating expectations of a 1.5% rise.

Key quotes

"German new orders rebounded sharply in July, providing evidence that the Eurozone’s largest economy should return to growth in the third quarter."

"On the year, new orders are now up by almost 5%"

"The July increase was driven by both domestic and foreign demand."

"However, the sharp increase of new orders from non-Eurozone countries (+9.8% MoM) is remarkable and probably the result of some bulk orders."

"On a more negative note, however, the only marginal improvement of new orders from other Eurozone countries shows downside risks for the German economy do currently not mainly come from geopolitical tensions but rather from longer-than-expected weak demand from Eurozone peers."

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