France’s industrial orders rose in May by 1.1% a slowdown from March and April but another significant monthly gain nonetheless. Sequential growth rates show building momentum in the overall orders series for France. Despite a strong and rising euro there is little evidence here that the euro’s strength has affected France much at all. France’s three-month gain appears very strong but its 12-month and 6-month trends, while still solid, are much more subdued.

Accordingly, France continues to show strength in foreign orders to the same or greater extent as domestic orders. Once again there is no evidence of a firmer euro interrupting French business momentum.