German Industrial Production Plummets
THE TAKEAWAY: Industrial production falls -> Germany hurt by falling demand and rising prices -> Euro drops 25 points to 1.3110 area
Hurt by falling, irreplaceable international demand, German industrial production fell by 2.9% from last month. Economists had predicted unchanged monthly production levels. On a year-on-year basis, industrial production rose 0.9% instead of the 4.3% rise predicted by economists.
The Euro dropped on the news, and as of this report was trading at around 1.3116 as markets awaited a resolution of any kind to the Greek issue.
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