German Industrial Production Delivers Little EUR Support

It was a relatively quiet morning on the Eurozone economic calendar this morning. Key stats included German industrial production figures for December. Following a string of upbeat stats from Germany, economists had forecast a 0.4% increase to reverse a prelim 0.2% decline from November.

German Industrial Production

In December, German industrial production fell by 0.3%, month-on-month.

According to Destatis,

• Production in industry excluding energy and construction was up 1.2%.
• Within industry, the production of capital goods jumped by 2.5%.
• Intermediate goods production rose by a more modest 0.6% rise, while consumer goods production fell by 0.5%.
• Outside of industry, energy production fell by 0.7%, with production in construction sliding by 7.3%.
• According to finalized figures, production increased by 0.3% in November.
• Production in 2021 was 3.0% higher than in 2020 and 5.5% lower than in the pre-crisis year of 2019.

Market Impact

Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.14247 before rising to a pre-stat high $1.14645.

In response to today’s stats, the EUR rose to a post-stat high $1.14324 before falling to a post-stat low $1.14279.

At the time of writing, the EUR was down by 0.16% to $1.14322.

Next Up

There are no major stats due out of the U.S to consider. On the monetary policy front, ECB President Lagarde could move the dial, however, in a scheduled speech later today.