Eurozone Industrial Production contracts by 2% in October vs. -1.5% expected
- Industrial Production in the euro area and the EU contracted in October.
- EUR/USD stays in positive territory above 1.0650 after the data.
The data published by Eurostat revealed on Wednesday that Industrial Production in the euro area and the EU contracted by 2.0% and 1.9%, respectively, on a monthly basis in October. The market expectation was for a 1.5% decline in the euro area's production.
When compared to October 2021, Industrial Production in the euro area grew by 3.4%, down from the 5.1% expansion recorded in September.
"In the euro area in October 2022, compared with September 2022, production of energy fell by 3.9%, durable consumer goods by 1.9%, intermediate goods by 1.3% and capital goods by 0.6%, while production of non-durable consumer goods rose by 0.3%," the publication further read.
Market reaction
EUR/USD showed no immediate reaction to these figures and was last seen rising 0.27% on the day at 1.0658.
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.
