German Industrial Production drops 2.5% MoM in May vs. 0.2% expected
|Germany’s industrial sector contraction deepened in May, the latest data published by Destatis showed on Friday.
Industrial output in the Eurozone’s top economy dropped by 2.5% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, compared with a 0.2% forecast and a 0.1% decline in April.
German Industrial Production plunged at an annual rate of 6.7% in May versus the April slump of 3.9%.
EUR/USD reaction to the German Industrial Production data
The downbeat German industrial figures fails to have any impact on the Euro, as EUR/USD continues to hold higher ground near 1.0820. The pair is up 0.12% on the day, at the press time.
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