Eurozone economic data was on the lighter side this morning. Stats were limited to German industrial production and Eurozone retail sales figures.
With the EUR under pressure following the more hawkish than expected FOMC meeting minutes, today’s stats delivered mixed results for the EUR.
German Industrial Production
In February, German industrial production increased by 0.2% versus a forecasted 0.2% decline. Production had risen by 1.4% in the previous month.
According to Destatis,
- Production in industry excluding energy and construction rose by 0.1%.
- Within industry, consumer goods production jumped by 4.4%, with intermediate goods production up 0.5%.
- Capital goods production fell by 2.0%.
- Outside industry, energy production increased by 4.9%, while production in construction fell by 0.7%.
- Compared with February 2021, industrial production was up 3.2, while down 3.8% compared with February 2020.
Eurozone Retail Sales
In February, retail sales across the euro area increased by 0.3%, falling short of a forecasted 0.6% rise. Retail sales rose by 0.2% in the month prior.
According to Eurostat,
- Automotive fuel sales jumped by 3.2%, with non-food product sales up 0.8%.
- Food, drinks, and tobacco sales fell by 0.5%.
- Slovenia (+8.0%), the Netherlands (+4.0%), and Portugal (+2.3%) had the most marked increases in sales.
- By contrast, Belgium (-1.8%) and Estonia (-1.7%) had the largest falls in retail sales.
- Compared with February 2021, retail sales increased by 5.0%, driven by a 12.0% surge in automotive fuel sales and a 9.3% increase in non-food product sales.
Market Impact
Today’s stats delivered mixed results for the EUR. In response to the German industrial production figures, the EUR struck a current-day high of $1.09341 before hitting reverse. Eurozone retail sales figures were disappointing, with the EUR falling to a post-stat and current-day low of $1.08647 before finding support.
At the time of writing, the EUR was down by 0.17% to $1.08771.
Next Up
The ECB monetary policy meeting minutes will draw plenty of attention later today, with the markets looking for guidance on how the ECB will curb inflation.
On the economic data front, U.S jobless claims will also influence.