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Anzo Lim

German Factory Order Again Dropped Significantly

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Latest statistics suggest German manufacturing order continue to slip 1.3%, contrary to the expectation of a 0.2% gain. This has been the greatest decline since July, 2019.Falling factory orders have largely been driven by the decline in commodity orders and overseas investment demands, among which demand for consumer goods stopped growing and orders fell 6.5% year-on-year.

Another report suggests that weakening export has been a particularly hard blow on the automotive industry, which is a major cornerstone for German economy. According to data from the German Association of the Automotive Industry, automobile production is at its lowest in the recent 25 years.Deutsche Bundesbank said the country’s economy had been stagnant during the last quarter in 2019 and shows no signs of rallying, while the growth this year will likely still be under 1%.

EUR/USD daily pivot points: 1.1115-1.1135

S1: 1.1082            R1: 1.1148

S2: 1.1059           R2: 1.1191

Edited by Anzo Lim

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