With the rate of decline across the manufacturing sector these past two months, a bullish report from Germany on factor orders gave some cause for optimism amid a gloomy day of ratings downgrades and risk flight. While the EUR continues to get punished by a recent downgrade of Portugal by Moody’s, it saw a weak uptick immediately following Germany’s report on its demand for manufactured goods.
Though not likely enough to deter investors from seeking safety, the news does portray a region rebounding from a manufacturing slump that some feared would mute the recent rises seen across the global economy. One figure may not turn the tide, but the news is enough to have some investors awaiting further data before jumping ship.
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