Eurozone Industrial Production drops by 1% in Feb, EUR/USD unfazed
|Eurozone’s Industrial Production in Germany showed a lesser-than-expected decrease in February, the official data published by Eurostat showed on Wednesday, suggesting that the recovery in the manufacturing sector is far from gaining traction.
The industrial output in the bloc arrived at -1.0% MoM vs. a 1.1% drop expected and 0.8% last.
On an annualized basis, the industrial output fell by -1.6% in February versus a -0.9% drop expected and January’s +0.8%.
FX implications
The shared currency keeps the bid tone intact after the mixed German industrial figures.
At the time of writing, EUR/USD trades 0.0.18% higher at 1.1967, having bounced from daily lows of 1.1954. All eyes remain on the speeches from the ECB Chief Christine Lagarde and Fed Chair Jerome Powell.
About Eurozone Industrial Production
Industrial Production is released by Eurostat. It shows the volume of production of Industries such as factories and manufacturing. Uptrend is regarded as inflationary which may anticipate interest rates to rise. Usually, if high industrial production growth comes out, this may generate a positive sentiment (or bullish) for the EUR, while low industrial production is seen as a negative sentiment (or bearish).
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