German Industrial Production drops 0.3% MoM in July vs. 0.4% expected
|Industrial Production in Germany dropped in July, the official data showed on Friday, suggesting that the manufacturing sector activity is fading its recovery.
Eurozone’s economic powerhouse’s industrial output fell by 0.3% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a -0.4% expected and 0.8% last.
On an annualized basis, German industrial production fell by 1.1% in July versus a -0.5% drop booked previously.
FX implications
The shared currency remains pressured below 0.9900 on the downbeat German industrial figures.
At the time of writing, EUR/USD is trading at 0.9889, down 0.12% on the day.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures the 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).
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