EU: Industrial Production contracts by 1.6% in August as expected
|- Industrial Production in the euro area declined sharply in August as expected.
- EUR/USD continues to trade in the positive territory above 1.1550.
Industrial Production in the euro area and the EU contracted by 1.6% and 1.5%, respectively, on a monthly basis in August as expected, the data published by Eurostat revealed on Wednesday. In the meantime, July's expansion of 1.5% (euro area) got revised lower to 1.4%.
"In August 2021 compared with August 2020, industrial production increased by 5.1% in the euro area and by 5.3% in the EU," the publication further revealed.
Market reaction
Market participants largely ignored these figures. As of writing, the EUR/USD pair was up 0.25% on a daily basis at 1.1556.
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