EU: Industrial Production contracts by 1.6% in August as expected

Industrial Production in the euro area declined sharply in August as expected.
EUR/USD continues to trade in the positive territory above 1.1550.

Eren Sengezer FXStreet

Industrial Production in the euro area and the EU contracted by 1.6% and 1.5%, respectively, on a monthly basis in August as expected, the data published by Eurostat revealed on Wednesday. In the meantime, July's expansion of 1.5% (euro area) got revised lower to 1.4%.

"In August 2021 compared with August 2020, industrial production increased by 5.1% in the euro area and by 5.3% in the EU," the publication further revealed.

Market reaction

Market participants largely ignored these figures. As of writing, the EUR/USD pair was up 0.25% on a daily basis at 1.1556.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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