The Federal Statistical Office's (Destatis) report revealed that German factory orders rose more than expected m-o-m in June.

According to the report, new orders in the manufacturing sector increased by 1 percent m-o-m in seasonally terms in June, following an upwardly revised 1.1 percent m-o-m increase in May (originally a 1 percent m-o-m gain) and beating economists' expectation of a 0.5 percent m-o-m advance.

The June growth was attributable to higher domestic orders, which boosted by 5.1 percent m-o-m in June. Meanwhile, foreign orders fell by 2 percent m-o-m as new orders from both the euro area (-2.4 percent m-o-m) and other countries (-1.5 percent m-o-m) decreased.

New orders for intermediate goods rose by 3.7 percent m-o-m in June, while orders for consumer goods grew by 2.3 m-o-m. At the same time, new orders for capital goods showed a decrease of 0.8 percent m-o-m.