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European Industrial Production Beats Estimates On Broader Strength, As Recovery Keeps Pace

European Industrial Production Beats Estimates On Broader Strength, As Recovery Keeps Pace

2010-04-14 12:39:00
John Rivera, Currency Analyst
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fx04.14

Fundamental Headlines

• Banks Fight to Block Derivatives Rules– Wall Street Journal
• J.P. Morgan Profit Jumps in First Quarter – Wall Street Journal
• Asian growth adds to positive mood - Financial Times
• Emerging-Market Stocks, Metals Rise on Expansion; Singapore Dollar Surges- Bloomberg
• Singapore Revalues Currency After Raising Estimates for Growth, Inflation - Bloomberg



EUR/USD –  European industrial production rose 0.9% in February building upon the 1.6% improvement the month prior. The increased output surpassed estimates of 0.1% leading to a year over year jump of 4.1%. A 1.5% increase in intermediate goods signals that producers are expecting demand for final goods to improve. The marked improvement in activity is a sign that the region’s recovery remains on track despite the budget deficit issues that many nations are facing. Looking at the breakdown we see that weakness in Germany –the largest economy- was offset by gains from Slovenia, Portugal and Luxembourg. The broader improvement will ease concerns that the recovery may only be found in the largest economies as the rest of the region struggles.To discuss and other topics, please visit the EUR/USD forum.
 

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