4.4%: Germany’s Factory Orders rise in September, missed 4.8% estimates
Germany's Factory Orders rose in September, suggesting that the country’s manufacturing sector activity gained momentum, according to the official data published by the Federal Statistics Office on Thursday.
In September, Germany's factory orders rose by 4.4% compared to the previous month, despite falling by 10.1% in August. This increase, however, fell short of the projected 4.8% rise. Year-over-year, factory orders grew by 3.3%, up from the previous 3.2% increase. The data, released by Germany's Federal Statistics Office, did not significantly impact the Euro (EUR).
As of writing, the EUR/USD exchange rate was up 0.28% at 1.1263. The Euro, the official currency of the 20 European Union countries in the Eurozone, is the second most traded currency globally after the US Dollar, with an average daily turnover of over $2.2 trillion. The Eurozone's monetary policy is overseen by the European Central Bank (ECB) in Frankfurt, Germany, which aims to maintain price stability by controlling inflation or stimulating growth.
The ECB's interest rate decisions, made by a council of heads of national banks and six permanent members, can affect the Euro's value. Strong economic data, such as GDP, manufacturing and services PMI, employment, and consumer sentiment surveys, can positively influence the Euro's performance. Conversely, weak economic data may lead to a decline in the Euro's value.
The Eurozone's four largest economies, accounting for 75% of the Eurozone's economy, and the Trade Balance indicator are particularly significant data releases.
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