020 7898 0500December’s factory orders in Germany increased by 3.8% month-on-month when a 0.7% gain had been forecast. These impressive figures are bolstered further by the fact that Germany is the eurozone’s largest economy. The move was attributed to a 5.9% jump in foreign demand. It is the biggest jump since August and reinforces the notion that Europe’s economy is in full recovery mode.
Meanwhile, the Markit Germany construction PMI climbed to 59.8 in January from 53.7 in December. A good couple of months for Germany then. Retail PMI for the eurozone in January was strangely muted as it fell from 53 in December to 50.8 in January. Still, the euro was sliding a little against the dollar around midday as confidence in the greenback kept it just about buoyant.
Today we have German industrial production and the European Central Bank’s non-monetary policy meeting. Tomorrow sees the all-important balance of trade for Germany, but if yesterday is anything to go by, we can expect this figure to be another impressive one.
