Inflation was back in focus on Wednesday, with industrial production figures for the Eurozone also drawing interest.
Spanish Consumer Prices
Spain’s annual rate of inflation held steady at 2.7% in June, which was up from a prelim 2.6%. The harmonized index for consumer prices rose by 2.5%, which was up from a prelim and May 2.4%.
Eurozone Industrial Production
In May, industrial production fell by 1.0%, reversing a 0.6% increase from April. Economists had forecast a 0.2% decline.
According to Eurostat,
- Production of non-durable consumer goods fell by 2.3%, energy by 1.9%, and capital goods by 1.6%.
- While the production of intermediate goods slipped by 0.2%, durable consumer goods production rose by 1.6%.
- Greece (-4.7%) and Ireland (-4.6%) recorded the largest monthly declines in production. By contrast, Lithuania recorded a 7.7% jump in production to lead the way.
- Compared with May 2020, industrial production was up 20.5%. In April, production had been up by 39.4%. Economists had forecast a 22.2% increase.
Market Impact
Ahead of today’s industrial production figures, the EUR had risen to a pre-stat and current day high $1.17995 before falling back.
In response to today’s production figures, the EUR fell to a post-stat low $1.17760 before rising to a post-stat high $1.17964.
At the time of writing, the EUR was up by 0.14% to $1.17927.
Next Up
With no major stats due out of the U.S later today, corporate earnings will be in focus. Tomorrow’s 2nd quarter GDP numbers from China will be a consideration late in the day, however.