Destatis - 7 October 2019
- prior -2.7% revised to -2.1%
- factory orders WDA- 6.7% vs -6.4% expected
- -5.6% prior revised -5.0%
EURUSD down a few ticks at 1.0975. The expectations were missed, but prior headlines were revised higher. In the big scheme of things the German factory orders are still falling and Germany is now expected to be in recessionary territory. The Eurozone economy is driven by German manufacturing and for the Euro to pick up, Germany needs to show a recovery. For German manufacturing to recover we need some kind of US-China trade deal. Until then, expect more poor data from Europe.
