Germany Factory Orders m/m comes in at -10.6% against 3.7% consensus

Germany’s Factory Orders month over month registered a notable decline, coming in at -10.6%. This figure was significantly below the consensus expectation of 3.7%, marking a surprise of -386.5%. The previous month’s reading was 2.5%.

The Euro experienced varied reactions across major currency pairs in the 15 minutes following the release. EURUSD moved -10 pips, EURJPY moved -11 pips, and EURNZD gained +12 pips. Other pairs saw smaller shifts, with EURAUD at 0.0 pips, EURCAD at -3.4 pips, EURCHF at -1.9 pips, and EURGBP at +0.1 pips. Compared to typical median 1-hour moves after past releases, the moves in EURUSD, EURJPY, and EURNZD were near or above their respective medians of 5 pips, 11 pips, and 11 pips. The moves in EURAUD, EURCAD, EURCHF, and EURGBP were small relative to their median 1-hour moves of 12 pips, 7 pips, 5 pips, and 4 pips respectively.