Intra-Day Market Moving News and Views
07 Oct 2015 07:00GMT
EUR/USD - ...... Despite extending yesterday's rally to 1.1284 in Asia, euro pares intra-day gain and retreated to 1.1254 after release of another downbeat German data. Reuters reported German industrial output fell in August at its fastest pace in a year, data from the Economy Ministry showed on Wednesday, suggesting Europe's largest economy may have lost momentum in the 3rd quarter.
Factories produced 1.2% fewer goods than in the previous month, the ministry said, blaming some of the weakness on the large number of summer holiday days in the month.
It was the strongest fall since August 2014 and missed the Reuters consensus forecast for a rise of 0.2%. The output drop followed a sharp decline in August industrial orders data on Tuesday.
The Economy Ministry said the late start to the summer holidays had contributed significantly to the fall. "The ongoing positive mood among companies and good export development suggests a continuation of moderately positive industrial activity despite weaker incoming orders in Jul and Aug," the ministry said in a statement.
Recent data has painted a picture of waning demand from abroad, especially China and other emerging markets, with orders falling 1.8% in August.
This suggests that strong exports, which supported growth in the first half, could be losing steam.
But other economic indicators have been broadly encouraging with retail sales posting their strongest increase from January to August in more than 20 years, and business morale rising for the 3rd month in a row in September.
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