Germany: Strong factory order numbers in June - BBH

German factory orders rose 1.0% in June, more than the market expected while the year-over-year rate rose to 5.1% from the prior month's 3.8% pace, notes the research team at BBH.  

Key Quotes

“Domestic orders rose 5.1%, while foreign orders fell 2%.  It is a volatile report and too much should not be made of one month, but the rise of the euro and the decline in orders for export warns that German exporters may be feeling a competitive pressure.  That said, if German exporters are being squeezed from the stronger euro so would other exporters, especially in the south.”