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German Factory Orders down by 0.2%

Monday, Jul 06 2015
Based on provisional data, the Federal Statistical Office reports that price-adjusted new orders in manufacturing in May 2015 decreased a seasonally and working-day adjusted 0.2% on April 2015.  Analysts were anticipating no change. In April 2015, the increase on the previous month showed a corrected +2.2% (primary +1.4%). In May 2015, domestic orders decreased 0.6% while foreign orders increased 0.2% on the previous month. 
 
As regards the direction of trade in foreign transactions, new orders from the euro area were down 1.5% on the previous month while new orders from other countries ascended by 1.2%. In May 2015 the manufacturers of intermediate goods recorded increases in new orders of 1.3% on the previous month while for capital goods they had fell 0.8%. For consumer goods, a decrease in new orders of 1.2% was recorded.
 
Data did not have any major impact on the market with euro reboundimg after initial down gap currently being traded around 1.1070 area. Pair is likely to find support around 1.10 level and resistance above 1.11 handle. Later today, in the US session, ISM Non-Manufacturing PMI figures are scheduled for a release.
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