Eurozone’s Industrial Production in Germany showed a lesser-than-expected rebound in March, the official data published by Eurostat showed on Wednesday, suggesting that the recovery in the manufacturing sector is still in the doldrums.
The industrial output in the bloc arrived at 0.1% MoM vs. a 0.7% rise expected and -1.2% last.
On an annualized basis, the industrial output jumped by 10.9% in March versus an 11.7% increase expected and February’s -1.8%.
FX implications
The shared currency keeps the offered tone intact after downbeat German industrial figures.
At the time of writing, EUR/USD drops 0.13% to 1.2130, undermined by broad-based US dollar strength amid Middle East tensions and ahead of the critical US CPI data. The euro failed to find support from the upbeat EU Spring 2021 economic forecasts.
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).