Weak foreign orders increase expected in Germany in June

Following the mild decline of 0.2% mom in May, we expect factory orders to have grown by 0.2% mom in June.  

For Q2 as a whole, this would still put foreign orders well ahead, with domestic orders having disappointed.

"While domestic orders are likely to have rebounded from the weak May number to record a 0.6% rise mom, foreign orders should have declined slightly", says Societe Generale.

Increased uncertainty related to Greece may be one explanation, while the strength of the recovery is still weak and thus likely to result in bouts of stop and go.