Results for this month’s reading on German factory orders surprised many investors this morning. Data released by Deutsche Bundesbank today at 11:00 GMT highlighted a solid 1.8% uptick in demand for factory goods. The news has been mixed for the euro zone’s common currency, the euro (EUR), however, as the region struggles with debt woes in Italy and Spain.
Expectations for today’s report were for a contraction in demand as the euro zone continues to struggle with mired sluggishness. Analysts were anticipating a contraction ranging from 0.2% to 0.9%, making the sudden uptick of 1.8% all the more impactful on today’s market. Should such numbers persist through the remaining months of summer, the region could be in a better position to better tackle the debt crisis affecting Germany’s peripheral neighbors.
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