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German Factory Orders increased by 1.9%

Monday, May 09 2016
Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing had increased in March 2016 a seasonally and working-day adjusted 1.9% on February 2016. Analysts were predicting 0.7% increase. For February 2016, revision of the preliminary outcome resulted in a decrease of 0.8% compared with January 2016 (primary –1.2%). Price-adjusted new orders without major orders in manufacturing had decreased in March 2016 a seasonally and working-day adjusted 0.6% on February 2016.
In March 2016, domestic orders decreased 1.2%, while foreign orders increased by 4.3% on the previous month. New orders from the euro area were up 1.1% on the previous month and new orders from other countries increased 6.2%. In March 2016 the manufacturers of intermediate goods fell 1.2%, while the manufacturers of capital goods showed increases of 4.0% on the previous month. For consumer goods, an increase in new orders of 1.6% was recorded.
 
Euro is currently being traded few points below 1.14 level. Pair is likely to find support around 1.1380 handle and resistance above 1.1450 level. There will be no data releases later today.
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