Industrial production figures from the Eurozone lead to a pullback but not enough to give up early gains. Next up, ECB President Lagarde...
It was a busier start to the day on the Eurozone economic calendar today.
February industrial production figures for the Eurozone and finalized inflation figures from Spain were in focus.
In February, industrial production across the Eurozone fell by 1.0%, reversing a 0.8% increase from January. Economists had forecast a 1.1% fall.
According to Eurostat,
Compared with February 2020, industrial production was down by 1.6%. In January, production had been up by 0.1% year-on-year.
On the inflation front, Spain’s annual rate of inflation accelerated to 1.3% in March, which was in line with prelim figures. In February, inflation had stalled.
The Harmonized Index for Consumer Prices increased by 1.2% in March, which was also in line with prelim figures. In February, the Index had fallen by 0.1%.
Ahead of industrial production figures, the EUR had fallen to a pre-stat low and current day low$1.1947 before finding support. Through the morning, the EUR bounced back to strike a pre-release high and current day high $1.19741.
In response to the industrial production figures, the EUR rose to a post-stat high $1.19697 before falling to a post-stat low $1.19631.
At the time of writing, the EUR was up by 0.13% to $1.19642.
ECB President Lagarde, with FED Chair Powell scheduled to speak late in the session.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.