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Euro Boosted As German Industrial Production Bounces Back

Euro Boosted As German Industrial Production Bounces Back

2017-03-08 10:10:00
Oliver Morrison, Analyst
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Talking Points:

- German industrial production rose 2.8% in January.

- That’s the best performance since August 2016.

- EURGBP rises to 0.8676.

See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The Euro strengthened in early European trading Wednesday after data showed German industrial production, which makes up 30% of the Euro-Zone’s largest economy, grew at its quickest pace in January since August last year.

The sector expanded 2.8% in the month, according to official data from the Federal Statistical Office (Destatis), bouncing back from the revised 2.4% drop in December, and slightly higher than the 2.7% market estimate.

The data also defy poor factory orders data released earlier this week that showed a drop of 7.4%, the worst month in eight years, driven by slowing domestic demand.

Destatis said the drop in industrial production in December was a blip, likely caused by factories closing due to poor weather. It added that the positive momentum was likely to build in the coming months.

The Euro has been in a tight range versus the US Dollar, but the strength gained on recent positive data from the Euro-Zone has been evident against the British Pound, which is being held back by weak data and Brexit uncertainty.

EURGBP has gained a further 0.0015 in early Wednesday trading to reach 0.8676. No one, however, at this stage expects the European Central Bank to drop its interest rate easing bias when it announces a policy decision tomorrow.

EURGBP 15-Minute Chart (Intraday, March 08 2017)

Euro Boosted As German Industrial Production Bounces Back

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

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