German Industrial Production unexpectedly rises 0.4% MoM in June vs. -0.3% expected

Industrial Production in Germany unexpectedly rose in June, the official data showed on Friday, suggesting that the manufacturing sector activity is gaining its recovery momentum.

Eurozone’s economic powerhouse’s industrial output climbed by 0.4% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a -0.3% expected and 0.2% last.

On an annualized basis, German industrial production fell by 0.5% in June versus a -1.41% drop booked previously.

FX implications

The shared currency remains pressured towards 1.0200 on the mixed German industrial figures.

At the time of writing, EUR/USD is trading at 1.0229, down 0.13% on the day.

About German Industrial Production

The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).

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