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Euro-Zone Industrial Production Increases in July

Euro-Zone Industrial Production Increases in July

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone industrial production rises 0.6% in July, more than expected -> Reverses June declines -> Euro trading higher following German ruling

Euro-zone industrial production rose 0.6% in July, beating expectations for a 0.1% gain, and a reversal of June’s 0.6% industrial production decline. Industrial production dropped 2.3% when compared to July 2011, according to Eurostat.

Production of capital goods increased by 2.4% in the Euro-zone in July, while production of durable consumer goods fell by 0.5%. Italy’s industrial production was down 7.3% on an annual basis, while Irish production increased 5.1% since July of 2011.

The Euro did not significantly react to the higher industrial production. However, EURUSD is now trading well above 1.2900 following EU’s Juncker’s comments about the implementation of the ESM bailout fund following the German court ruling. Possible resistance could come in at 1.3055, by the 38.2% of the move from the all-time low to the all-time high.

EURUSD 15-minute: September 12, 2012

Euro-Zone_Industrial_Production_Increases_in_July_body_eurusd_daily_chart.png, Euro-Zone Industrial Production Increases in July

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