Eurozone Industrial Production falls by 1% in May vs. -0.2% expected
|Eurozone’s Industrial Production in Germany showed a bigger-than-expected drop in May, the official data published by Eurostat showed on Wednesday, suggesting that the recovery in the manufacturing sector is losing momentum yet again.
The industrial output in the bloc arrived at -1.0% MoM vs. a 0.2% drop expected and 0.6% last.
On an annualized basis, the industrial output jumped by 20.5% in May versus a 22.2% increase expected and April’s 39.4%.
FX implications
The shared currency defends the bid tone after downbeat industrial figures, little affected by the data.
At the time of writing, EUR/USD gains 0.06% on the day to now trade at 1.1780, supported by a pullback in the US dollar across the board. Powell’s testimony and US PPI in focus.
About Eurozone Industrial Production
Industrial Production is released by Eurostat. It shows the volume of production of Industries such as factories and manufacturing. Uptrend is regarded as inflationary which may anticipate interest rates to rise. Usually, if high industrial production growth comes out, this may generate a positive sentiment (or bullish) for the EUR, while low industrial production is seen as a negative sentiment (or bearish).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.