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Forex News: Euro-Zone Industrial Production Falls at Sharpest Rate in 3-Years

Forex News: Euro-Zone Industrial Production Falls at Sharpest Rate in 3-Years

2012-11-14 10:45:00
Benjamin Spier, Technical Strategist
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THE TAKEAWAY: Euro-zone Industrial Production falls 2.5% in September -> Ireland production down 12.6% -> Euro trading slightly higher

Euro-zone industrial production declined at the sharpest rate in 3 years according to data released by Eurostat. Production was down 2.5% in September, worse than expectations for a 2% drop in production, and down from August’s revised 0.9% rise in industrial production. Production was 2.3% lower when compared with September 2011.

The production of consumer goods fell 4.3% in September and capital goods production fell by 3.0%. Energy production also fell by 1.8%. Ireland saw the biggest decrease in production, down 12.6%, while Estonia saw a 2.0% rise in production.

In currency markets, the industrial production did not have a strong effect on the Euro, as the single currency continues to trade higher following comments from IMF chief Lagarde about needing to find a lasting solution for Greece. EURUSD is currently trading slightly below 1.2750 in FX markets, and resistance could now be provided by a previous support line near 1.2825.

EURUSD 15-minute: November 14, 2012

Euro-Zone_Industrial_Production_Falls_at_Sharpest_Rate_in_3-Years_body_eurusd_daily_chart.png, Forex News: Euro-Zone Industrial Production Falls at Sharpest Rate in 3-Years

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