020 7898 0500Industrial orders in Germany increased by 2.6% month-over-month in May 2018. They had been expected to rise by 1.1%, so the reading was particularly positive and showed a healthy recovery from a downwardly revised 1.6% drop in April. It is the first rise in manufacturing orders since December 2017 and is some welcome news given the recent uncertainty over Trump’s trade tariffs that appear to have affected business confidence in Germany.
Construction PMI in Germany came in below expectations at 53 against a forecast 53.9, but the reading still shows solid overall growth in the sector and is not too much to be worried about. Retail PMI in the eurozone hit 51.8 in June from 51.7 in the previous month. The euro enjoyed a solid day by making some gains against sterling and the dollar, but it has been a topsy turvy time for the euro of late and it will be interesting to see in which direction the next big move comes.
Today we have Germany’s industrial production figures for May which are expected to have recovered from a 1% fall in April to 0.3% growth. Other than that it is a fairly quiet day for economic data in the Eurozone.
