Economic data from the Eurozone disappointed today, raising more questions over the economic outlook. The EUR fell back to sub-$1.04 levels in response.
It was a relatively busy Eurozone economic calendar, with finalized member state inflation and Eurozone industrial production in focus.
The inflation figures had a muted impact on the EUR, placing a greater emphasis on today’s production numbers.
In April, industrial production fell by 1.8% month-on-month versus a forecasted 2.0% slide. Production rose by a modest 0.5% in March.
According to Eurostat,
Compared with March 2021,
Ahead of today’s numbers, the EUR fell to a current-day low of $1.03733 before rising to a current-day high of $1.04196.
In response to today’s stats, the EUR rose to a post stat high of $1.04089 before falling to a post stat low of $1.03865.
At the time of writing, the EUR was up by 0.09% to $1.03892.
US consumer sentiment figures will be in focus later today along with FOMC member chatter. FOMC member Kashkari is due to speak ahead of the European close.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.