Euro-Zone Industrial Orders Declined At a Record Pace as Recession Deepened

Daily Forex Fundamentals | Written by DailyFX | Dec 22 08 10:44 GMT |

Euro-Zone October industrial orders dropped 4.7% m/m and 15.1% y/y. The monthly drop was more pronounced than our forecast and median of -4.0% m/m and at the same time September data was revised down to -5.4% m/m and -1.9% y/y, from -3.9% m/m and -1.1% y/y, so that the numbers add to growth concerns and confirm that the Euro-Zone continued to contract in the last quarter of the year. The sector breakdown showed a 9.4% m/m decline in orders for transport equipment, which highlights the woes of the car industry in Europe. Data will add to pressures on the ECB to cut rates again and governments to implement further stimulus programs. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.