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German factory orders fall considerably in November on decline in orders from euro area

German factory orders unexpectedly dropped considerably in November, owing to fall in orders from the euro area, although this was mainly a normalization of the solid orders from the aerospace industry in October, noted Commerzbank in a research report.

Incoming orders in the manufacturing sector dropped 1 percent year-on-year in November, as compared with economists’ expectations of a fall of just 0.1 percent. The orders from euro area dropped nearly 12 percent. Meanwhile, domestic orders were up 2.4 percent and orders from outside Europe rose 2.3 percent.

The figures for the euro area are only frightening at initial glance. The considerable fall in euro orders is mainly a correction of the solid order intake from the aerospace industry in October. Hence, this is not entirely a bad news for the German industry, especially since orders from Germany and non-European nations have increased quite substantially by over 2 percent each.

Meanwhile, the automotive sector is still on the recovery road following considerable fall in orders in the summer months because of difficulties in switching to the new WLTP emission test.

“In November, orders in the automotive industry rose again by 0.5 percent, so that the level of early 2018 is now almost reached”, noted Commerzbank.

At 12:00 GMT the FxWirePro's Hourly Strength Index of Euro was neutral at -26.1928, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -124.583. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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