German Industrial Production slumps 17.9% MoM vs. -15.5% expected in April
|- German Industrial Production plunges 17.9% MoM in April.
- Annualized German Industrial Production collapses by 25.3% in April.
Industrial Production in Germany showed a deeper contraction in April, the official data showed on Monday; confirming that the manufacturing recession in Europe's largest economy is worsening.
The industrial output came in at -17.9% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a -15.5% drop expected and -9.2% last.
On an annualized basis, the German industrial production arrived at -25.3% in April versus -11.6% booked in March.
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 pays little heed to the devastating German industrial figures, as EUR/USD holds the lower ground around 1.1285. The spot is consolidating near daily lows, having failed to resist above the 1.13 handle in early Asia.
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