Eurozone Industrial Production Tests EUR Support Further

It was a busier week on the Eurozone economic calendar, with Eurozone industrial production in focus.

Finalized October inflation figures from Spain were also out but had a muted impact on the EUR.

Eurozone Industrial Production

In September, industrial production fell by 0.2% following a 1.7% decline from August.

According to Eurostat,

• Production of capital goods fell by 0.7% and intermediate goods by 0.2%.
• By contrast, production of durable consumer goods rose by 0.5% and non-durable consumer goods by 1.0%.
• Energy production remained stable in the month.
• By member state, Belgium (+3.7%) recorded the highest increase, while Austria (-3.0%) registered the largest decline.
• In September 2021 compared with September 2020, industrial production rose by 5.2%.

Inflation

In October, Spain’s annual rate of inflation accelerated from 4.0% to 5.4%, which was down from a prelim 5.5%.

Market Impact

Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.14362 before rising to a pre-stat and current day high $1.14561.

In response today’s production figures, the EUR rose to a post-stat high $1.1429 before falling to a post-stat low $1.14376.

At the time of writing, the EUR was down by 0.10% to $1.14403.

Next Up

JOLT’s job openings and consumer sentiment figures from the U.S are due out. Expect both sets of numbers to draw interest.

While the numbers will influence, there will also be sensitivity to any central bank chatter.