German factory orders rose 2.9% in July, versus -1.5% expected

German factory orders rose unexpectedly in July, according to official data released by the Federal Bureau of Statistics on Thursday, suggesting that the recovery in the German manufacturing sector is maintaining momentum.

Over the month, contracts for “Made in Germany” goods rose 2.9% in July, after posting a 4.6% increase in June, beating estimates of a 1.5% decline.

Industrial orders in Germany rose 3.7% in the year to July, down from a previous drop of 11.2%.

FX implications

Euro remains unmoved by upbeat German data as EUR/USD the pair is holding its range near 1.1080, almost unchanged on the day at the time of writing.