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Euro-Zone Industrial Production Rises in February

Euro-Zone Industrial Production Rises in February

2013-04-12 09:53:00
Benjamin Spier, Technical Strategist
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THE TAKEAWAY: Euro-zone industrial production rose 0.4% in February -> Markit says PMI’s point to another quarter of recession -> Euro trading lower today

Euro-zone industrial production rose 0.4% (seasonally adjusted) in February, beating expectations for a 0.2% rise and up from the revised 0.6% decline in January. Industrial production fell by 3.1% from February 2012, according to Eurostat.

The Netherlands and Slovenia saw the largest rise in production, up 3.4% in each country over February. German industrial production rose 0.9% in February, while French industrial production rose 0.8%.

The Euro-zone has experienced five straight quarters of economic contraction, ending with a 0.6% GDP decline in the fourth quarter. Markit said that based on its PMI surveys, it sees no end to the recession in sight. Signs of economic expansion in the Euro-zone are Euro positive.

However, the slightly better than expected industrial production had little effect on Forex markets. EUR/USD has declined from 1.3100 at the beginning of the session to 1.3050 at the time of this writing, possibly on talks of Cyprus asking for a increase in its bailout package. From here, the key 1.3000 figure may continue to provide support.

EURUSD Daily: April 12, 2013

Euro-Zone_Industrial_Production_Rises_in_February_body_eurusd_daily_chart.png, Euro-Zone Industrial Production Rises in February

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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