German factory orders have exceeded market expectations, rising 3.5% in July and advancing for the fifth consecutive month. Economists were predicting a 2% rise so the figures were welcomed by markets, although factory orders remain -19.8% down on last year's figures.

The news is compatible with the figures showing a rise in manufacturing across the eurozone, after Germany technically ended their recession in the second quarter. The Sentix investor confidence survey for the eurozone came in at -14 this morning, improving from the -17 recorded last month. Euro exchange rates are little changed following the announcement, and this morning the euro has gained ground against its major Asian and European currency partners.

The current euro exchange rate is USD1.4349 and GBP0.8732.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.