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German factory orders fall in five of the first six months

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German factory orders plunged in five of the first six months, amidst trade tensions between the United States and the European Union.

Industrial orders slipped 4 percent in June, the biggest fall in almost 18 months, following a 2.6 percent advance in May, compared to forecasts of 0.3 percent.

The drop was triggered by a 5.9 percent plummet in new orders from outside the euro area, as in June the trade tensions intensified with the U.S. ahead of the critical meeting between Trump and Junker.

The year-on-year reading saw a 0.8 percent decline, marking the first annual fall since July 2016.

On August 14, Germany will publish its second-quarter GDP figures, which would give a clear picture about the pace of growth in Europe’s biggest economy.

As of 08:46 GMT, the euro resumed its drop for a fourth session in a row as it traded at $1.1561, the lowest level since the end of June.

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