Eurozone Industrial Production Delivers a EUR Boost as FOMC Members Prepare to Gather

It was another quiet day on the Eurozone economic calendar. October industrial production figures for the Eurozone were in focus early in the European session.

In October, industrial production rose by 1.1%, reversing a 0.2% decline from September. Economists had forecast a 1.2% increase.

According to Eurostat,

• Production of capital goods rose by 3.0% and durable consumer goods by 1.7%.
• There were also increases in the production of non-durable consumer goods (+0.4%) and energy (+0.1%).
• The production of intermediate goods fell by 0.6%, however.
• By member state, Germany and Slovakia (both +3.0%) and Greece (+2.5%) had the largest increases in production.
• Estonia (-2.4%), Latvia (-1.5%), and the Netherlands (-0.9%) had the largest falls in production.
• Compared with October 2020, industrial production rose by 3.3% after having risen by 5.1% in September.
• Year-on-year, energy production was a drag, falling by 1.0%.
• By member state, Lithuania and Greece led the way, with production up by 22.7% and by 17.2% respectively.
• Portugal led the way down, however, with production falling by 6.5% when compared with October 2020.

Market Impact

Ahead of today’s stats, the EUR had risen to a pre-stat high $1.12865 before falling to a pre-stat and current day low $1.12664.

In response today’s stats, the EUR fell to a post-stat low $1.13009 before rising to a post-stat and current day high $1.13152.

At the time of writing, the EUR was up by 0.27% to $1.13145.

Next Up

Wholesale inflation figures from the U.S, which will draw plenty of interest as FOMC members gather for the final meet of the year.