Investing.com – German factory orders plunged unexpectedly in March, official data showed on Thursday.
In a report, Deutsche Bundesbank said factory orders tumbled by a seasonally adjusted 4.0% in March, after rising by 1.9% in February, whose figure was revised down from 2.4%.
Analysts had expected German factory orders to rise by 0.4% in March.
Year-on-year German factory orders rose at an annualized rate of 9.7% in March, after climbing at a rate of 19.6% in February. Analysts had expected year-on-year German factory orders to rise at an annualized rate of 15.4%.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD edging 0.05% higher to hit 1.4834.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 slumped 0.9%, France’s CAC 40 dropped 0.8%, Germany's DAX shed 0.25%, while the FTSE 100 fell 0.5%.
In a report, Deutsche Bundesbank said factory orders tumbled by a seasonally adjusted 4.0% in March, after rising by 1.9% in February, whose figure was revised down from 2.4%.
Analysts had expected German factory orders to rise by 0.4% in March.
Year-on-year German factory orders rose at an annualized rate of 9.7% in March, after climbing at a rate of 19.6% in February. Analysts had expected year-on-year German factory orders to rise at an annualized rate of 15.4%.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD edging 0.05% higher to hit 1.4834.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 slumped 0.9%, France’s CAC 40 dropped 0.8%, Germany's DAX shed 0.25%, while the FTSE 100 fell 0.5%.