May factory orders data published this morning in Germany were far worse than expected and showed the biggest fall since 2009. Month-on-month they fell 2.2 per cent versus the 0.2 per cent decline analysts had pencilled in. Over the last 12 months they have fallen by 8.6 per cent which compares to a 15.9 per cent drop in 1993 and the record low 28.2 per cent decline in 2009. Later today the United States publishes June employment data where an increase of 160 thousand jobs is the consensus expectation.
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