Eurozone Industrial Production Weighs on the EUR

Economic data was on the lighter side once more on Thursday, with industrial production figures in focus.

Across the Eurozone, industrial production fell by 0.3% in June, month-on-month, following a 1.1% decline in May. Economists had forecast for production to stall at the end of the quarter.

According to Eurostat,

• Production of capital goods fell by 1.5% and energy by 0.6%.
• There were increases in production of durable consumer goods (+0.1%) and intermediate goods (+0.1%).
• Non-durable goods production led the way, however, surging by 1.6%.
• Among the member states, Ireland reported the largest fall (-4.4%) followed by Portugal (-2.6%).
• Malta (+5.2%), the Netherlands (+3.3%), and Estonia (+3.2%) registered the largest increases, however.
• Compared with June 2020, production was up 9.7%, softening from a 20.6% jump in May.

Market Impact

Ahead of today’s numbers, the EUR had fallen to a pre-stat and current day low $1.17328 before rising to a pre-stat and current day high $1.17483.

In response to today’s stats, the EUR rose to a post-stat high $1.17474 before falling to a post-stat low $1.17443.

At the time of writing, the EUR was up by 0.05% to $1.17449.

Next Up

From the U.S, wholesale inflation and weekly jobless claims figures will be in focus later in the European session.