The German Factory Orders data showed a solid improvement in June, suggesting that the manufacturing sector recovery is extending for the second straight month.

Contracts for goods ‘Made in Germany’ jumped 7.0% on the month vs. -2.0% expected and 6.2% previous figure, the latest data published by the Federal Statistics Office showed on Friday.

On an annual basis, the German Industrial Orders increased by 3.0% in the reported month, as against the 4.4% decline seen in May.

FX implications

The shared currency is unable to find any positive impetus from the strong German factory data. At the time of writing, EUR/USD is trading at 1.0955, holding 0.10% gains on the day.