German Factory Orders slump 5.3% MoM in November vs. -0.2% expected

• German Factory Orders tumbled 5.3% MoM in November vs. -0.5% expected.
• German Factory output plunged 11.0% YoY in November vs. -7.0% expected.
• EUR/USD remains unfazed at around 1.0515 following the awful German data.

The German Factory Orders plunged in November, suggesting that the manufacturing sector recovery has lost momentum.

Contracts for goods ‘Made in Germany’ came in at -5.3% on the month vs. -0.5% expected and 0.8% prior, the latest data published by the Federal Statistics Office showed on Friday.

On an annualized basis, Germany’s Industrial Orders arrived at -11.0% in the reported month vs. -7.0% expected and -3.2% previous.

FX implications

The shared currency stands resilient to the disappointing German factory data.  At the time of writing, EUR/USD is almost unchanged on the day, trading at 1.0515.