EUR/USD stays above 1.11 after German Industrial Production rebounds 1.1% MoM in Nov
|- German Industrial Production jumped 1.1% MoM in November.
- German Industrial Production dropped 2.6% YoY in November.
Industrial Production in Germany expanded more-than-expected in November, the official data showed on Thursday; suggesting that the manufacturing recession in Europe's largest economy seems to be easing.
The industrial output came in at +1.1% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 0.7% rebound expected and -1.7% last.
On an annualized basis, the German industrial production arrived at -2.6% in November versus -3.8% expected and -5.3% booked in November.
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
Meanwhile, the shared currency maintained its consolidative mode on the upbeat German industrial figures, keeping EUR/USD around 1.1115 region. The spot hit fresh two-week lows at 1.1104 in early Asian trading.
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