German Recovery Strengthens Even More
German factory orders recovered more than expected in June, increasing 3.2% compared to May 2010, 17.5% compared to December 2009 and 28.4% compared to June 2009.
These new numbers confirm the overall picture of a strengthening European recovery that I have repeatedly reported about in the latest month. The debt panic we saw earlier this year seems to have hurt growth less than almost all analysts (including me) expected.
That is clearly good for the effort to solve the debt panic and it is also bullish for the euro, though the fact that the euro has already rallied so much limits the potential for future euro appreciation.
These new numbers confirm the overall picture of a strengthening European recovery that I have repeatedly reported about in the latest month. The debt panic we saw earlier this year seems to have hurt growth less than almost all analysts (including me) expected.
That is clearly good for the effort to solve the debt panic and it is also bullish for the euro, though the fact that the euro has already rallied so much limits the potential for future euro appreciation.
posted by stefankarlsson at 9:04 PM
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