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German Factory Orders fell by 2.0%

Monday, Jun 06 2016
Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing had decreased in April 2016 a seasonally and working-day adjusted 2.0% on March 2016. Analysts were anticipating 0.4% decline. For March 2016, revision of the preliminary outcome resulted in an increase of 2.6% compared with February 2016, particularly due to the subsequent report of a major order (primary +1.9%). Price-adjusted new orders without major orders in manufacturing had decreased in April 2016 a seasonally and working-day adjusted 1.5% on March 2016. 
In April 2016, domestic orders increased 1.3%, while foreign orders decreased by 4.3% on the previous month. New orders from the euro area were up 2.5% on the previous month, while new orders from other countries decreased 8.3% compared to March 2016. In April 2016 the manufacturers of intermediate goods rose 4.8%, while the manufacturers of capital goods showed decreases of 6.1% on the previous month. For consumer goods, a decrease in new orders of 1.0% was recorded. 
 
Euro is currently being traded few points below 1.1350 level. Pair is likely to find support around 1.13 handle and resistance above 1.1380 level. There will be no major data releases later today.
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