German Industrial Production rises 8.9% MoM in June vs. +8.1% expected, EUR/USD unnmoved
|Industrial Production in Germany rose more-than-expected in June, the official data showed on Tuesday, suggesting that the recovery in the manufacturing sector gradually picking-up pace.
The industrial output came in at +8.9% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. an 8.1% increase expected and +7.4% last.
On an annualized basis, the German industrial production arrived at -11.7% in June versus -19.5% booked in May.
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 shows little reaction to the above forecasts German industrial figures, as EUR/USD keeps its range around 1.1840 amid a broad-based US dollar comeback. The spot is down 0.26% on the day.
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