EUR/USD regains 1.1400 after German Industrial Production rebounds 3% MoM in Jan
|- German Industrial Production jumped by 3.0% MoM in January.
- Annualized German Industrial Production dropped by 3.5% in January.
Industrial Production in Germany rebounded more-than-expected in January, the official data showed on Monday; confirming that the manufacturing recession in Europe's largest economy is slowing its pace.
The industrial output came in at +3.0% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 1.5% rise expected and -3.5% last.
On an annualized basis, the German industrial production arrived at -3.5% in January versus -4.5% expected and -6.8% booked in December.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
FX Implications
The shared currency ticked a few pips higher on the upbeat German industrial figures, taking EUR/USD back above 1.1400. The spot hit a new 14-month high at 1.1495 earlier today after the greenback was dumped across the board amid coronavirus-led risk aversion and oil slump.
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