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The situation in Germany is not as bleak

The situation in Germany is not as bleak | 07 August 2023

07 August 2023, EUR/USD

The situation in Germany is not as bleak

EURUSD trading plan:

German industrial orders rose in June against expectations for a drop, driven by sharp gains in the aerospace sector that left analysts divided over whether the reading represented a sustainable upturn. German industry has been mired in the doldrums, with a PMI survey on Tuesday showing a manufacturing sector downturn deepened in July. Federal statistics office data showed incoming orders rose by 7.0% from May on a seasonally and calendar adjusted basis. Orders in the transport equipment sector excluding motor vehicles rose 89.2%, the office said, attributing that to one major aerospace transaction. Excluding large orders, overall monthly activity would have declined by 2.6% in June.

Investment idea: range 1.0940 -1.1030.

David Johnson
Analyst of «FreshForex» company
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