German Factory Orders jump 0.8% MoM in October

The German Factory Orders surprised markets to the upside in October, suggesting that the manufacturing sector activity is staging a modest recovery.

Contracts for goods ‘Made in Germany’ jumped 0.8% on the month vs. -0.2% expected and -4.0% last, the latest data published by the Federal Statistics Office showed on Tuesday.

On an annualized basis, Germany’s Industrial Orders arrived at -3.2% in the reported month vs. -7.5% expected and -10.8% previous.

The EUR/USD pair surrenders its modest intraday gains to the 1.0520 area and refreshes the daily low during the early European session. Spot prices remain on the defensive below the 1.0500 psychological mark and move little following the release of better-than-expected German data.