German Industrial Production jumps by 2.8% MoM in October
|Industrial Production in Germany showed a solid rebound in October, the official data showed on Tuesday, suggesting that the recovery in the manufacturing sector is gaining momentum.
Eurozone’s economic powerhouse’s industrial output climbs by 2.8% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 0.8% rise expected and -1.1% last.
On an annualized basis, the German industrial production fell by 0.6% in October versus +8.8% expected and a 1.0% decrease registered in September.
FX implications
The shared currency is little changed on the mixed German industrial figures.
At the time of writing, EUR/USD is trading at 1.1292, up 0.06% on the day, awaiting the German ZEW Survey.
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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