Drop in German factory orders to lead industrial production lower – TDS

FXStreet (Delhi) – Richard Kelly, Head of Global Strategy at TD Securities, suggests that today’s fall in German factory orders are likely to be fully reflected in the German IP data tomorrow, where we’re calling for a 1.5% drop vs market expectation of a 0.2% gain

Key Quotes

“German factory orders fell 1.8% in August, much weaker than the 0.5% gain forecasted by markets, but in the direction we expected. Like last year, auto plants shifted their seasonal shutdowns around from their usual pattern, and consequently, auto production fell 22% in August and rebounded 15% in September.”