Industrial Production in Germany rose more than expected in February, the official data showed on Thursday, suggesting that the manufacturing sector activity is on a gradual recovery.
Eurozone’s economic powerhouse’s industrial output climbed by 0.2% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 0.0% expected and 1.4% last.
On an annualized basis, German industrial production climbed by 3.2% in February versus a 1.1% increase registered in January.
FX implications
The shared currency is holding the higher ground near 1.0920 on the upbeat German industrial figures.
At the time of writing, EUR/USD is trading at 1.0914, up 0.22% on the day.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures 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).