• German Factory Orders climbs by 4.8% MoM in February vs. 0.3% expected.
• German Factory output tumbled 5.7% YoY in February vs. -10.5% expected.
• EUR/USD remains unfazed near 1.0950 following the upbeat German data.

The German Factory Orders data showed a much bigger-than-expected increase in February, suggesting that the manufacturing sector recovery is gaining momentum.

According to the latest data published by the Federal Statistics Office showed on Wednesday, contracts for goods ‘Made in Germany’ came in at 4.8% on the month vs. 0.3% expected and 0.5% prior.

On an annualized basis, Germany’s Industrial Orders arrived at -5.7% in the reported month vs. -10.5% expected and -12.0% booked in January.

FX implications

The shared currency pays little head to the upbeat German factory data.  At the time of writing, EUR/USD is trading at 1.0953, adding 0.05% on the day.