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German Factory Orders drop 1% MoM in June vs. +1% expected

Germany's Factory Orders unexpectedly dropped in June, suggesting that the country’s manufacturing sector downturn extended, according to the official data published by the Federal Statistics Office on Wednesday.

Over the month, contracts for goods ‘Made in Germany’ dropped 1% in June after declining 1.4% in May. Data missed the expected 1% rebound.

Germany’s Industrial Orders advanced 0.8% year-over-year (YoY) in June, compared with the previous growth of 5.3%.

Germany Factory Orders n.s.a. (YoY): 0.8% (June) vs previous 5.3%

Germany Factory Orders n.s.a. (YoY): 0.8% (June) vs previous 5.3%
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EUR/GBP weakens to near 0.8700 after Germany's Factory Orders data

The EUR/GBP cross trades in negative territory around 0.8700 during the early European session on Wednesday. The Euro (EUR) edges lower against the Pound Sterling (GBP) due to weaker Eurozone Purchasing Managers Index (PMI) data.
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