German Industrial Production drops 4.0% y/y in Aug, a big miss (EUR/USD unfazed)
|- German Industrial Production rises 0.3% m/m in August.
- German Industrial Production plunges 4.0% y/y in August.
Industrial Production in Germany declined more-than-expected in August, the official data showed on Tuesday; intensifying fears of a deeper manufacturing recession in Europe's largest economy.
The industrial output came in at +0.3% m/m, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects – vs. a 0.3% drop expected and -0.4% last.
On an annualized basis, the German industrial production arrived at -4.0% versus -2.7% expected and -3.9% booked in July.
Meanwhile, the shared currency paid little heed to the mixed German industrial figures, with EUR/USD holding the higher ground near the 1.0980 region.
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).
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