German Factory Orders unexpectedly rises 3.4% MoM in July; EUR/USD uninspired

• German Factory Orders jumped by 3.4% MoM in July, an upside surprise.
• On a yearly basis, Germany’s Factory Orders rose by 24.4% in July.
• EUR/USD keeps its range around 1.1870 despite upbeat German Factory data.

The German Factory Orders unexpectedly jumped in July, suggesting that the recovery in the manufacturing sector of Europe’s economic powerhouse is gaining momentum.

Contracts for goods ‘Made in Germany’ arrived at 3.4% on the month vs. -1% expected and 4.6% last, the latest data published by the Federal Statistics Office showed on Monday.

On an annualized basis, Germany’s Industrial Orders rose by 24.4% in the reported month vs. 26.5% previous and expected growth of 13.9%. The data outpaced expectations by a wide margin.