Technical Analysis Reports

FXstreet.com (Barcelona) - Orders for goods manufactured in Germany have declined sharply in October, despite the market expectations of a slight recovery, according to data released by the German Ministry of Industry.

Factory orders fell 6.1% in October following a downwardly revised 8.3% decline in September, revised down from the 8.0% fall previously estimated. Year on year, industrial orders fell 17.3%, after a 3.0% year on year decline in September, initially estimated 2.7% down.

October's figures have been a negative surprise, as market analysts had advanced a 0.4% monthly increase, and a 11.2% drop from October last year.

Foreign and domestic orders have slumped in similar terms, 6.2% and 6.1% respectively, compared to the previous month. Orders from the Euro Area dropped 7.4% on the month while orders from countries outside the Eurozone have dropped 5.2%.

Orders for investment goods have been hit the most in October, with a 8.2% drop, while orders for producer goods declined 4.5% and consumer goods' orders fell 1.6%.