In August, the German factory orders unexpectedly fell in a sign that Europe's largest economy is vulnerable due to weak growth in China and other developing countries.
The volume of industrial orders, adjusted for seasonal swings and inflation, fell 1.8 percent after a revised decline of 2.2 percent in July, according to a report of the Ministry of Economy of Germany. The median forecast in a Bloomberg survey was an increase of 0.5 percent. Compared with the previous year orders rose by 1.9 percent. In addition to the slowdown in the growth of developing countries led by China, on the export-oriented German economy may also affect emissions scandal in Volkswagen AG. Nevertheless, business confidence unexpectedly rose in September - the economy is benefiting from a stronger domestic demand against the background of a record of employment, wage growth and low inflation. Excluding expensive goods, orders fell 2.1 percent. Domestic orders fell by 2.6 percent, as demand for investment goods fell. After the release of the data
the euro was little changed. As of 9:09 am in Frankfurt, the single currency traded at $ 1.1201.