German Industrial Production Disappoints the EUR

It was yet another quiet Asian session on this morning, with no major stats for the markets to consider.

The German economy was back in focus early in the European session, however.

Once more, survey-based data was in question…

Industrial Production

In January, industrial production slid by 2.5% in January, which was far worse than a forecasted 0.7% decline. Production had risen by 1.9% in December.

According to Destatis,

• In January, production in industry excl. energy and construction was down 0.5%.
• Within industry, production of capital goods fell by 0.8%, with the production of consumer goods down by 3.0%.
• The production of intermediate goods increased by 0.7%.
• Outside industry, energy production rise by 0.6%, while production in construction tumbled by 12.2%.
• Production was 4.2% lower, when compared with February 2020.
• Compared with the same month a year earlier, production was down by 3.9%.

Market Impact

Ahead of today’s stats, it was a mixed start for the EUR. Early in the day, the EUR struck an early current day high $1.19324 before falling to a pre-stat low $1.18889.

In response to the stats, however, the EUR fell from $1.18922 to a current day low $1.18651.

At the time of writing, the EUR was down by 0.24% to $1.18789.