Germany’s Factory Orders unexpectedly rose in September, the official data published by the Federal Statistics Office showed Monday, suggesting that the German manufacturing sector is holding its recovery momentum.

On a monthly basis, contracts for goods ‘Made in Germany’ rose 0.2%, compared with a 3.9% increase reported in August while beating the market forecasts of a 1.0% decline.

Germany’s Industrial Orders dropped at an annual rate of 4.3% in the reported month, as against the previous slump of 6.3%.

FX implications

The upbeat German data is helping Euro bulls regain further ground, with the EUR/USD pair nearing 1.0750, up 0.10% on the day.