Italian Industrial Sales Figures for May Fail to Deliver EUR Support

It’s been a quiet start to the week on the economic calendar. Following a wholesale inflation figures from Germany on Tuesday, industrial sales figures from Italy were in focus this morning.

Industrial Sales

In May, industrial sales decreased by 1.0%, partially reversing a 3.3% jump from April. Year-on-year, production was up by 40.2% versus a forecasted 45% increase. In April, production had been up by 105.1%.

According to iStat.it,

• Industrial turnover fell by 1.9% in the domestic market, while rising by 0.7% in the non-domestic one.
• The manufacturing sector saw industrial turnover contract by 1.4%.
• In the 3-months to May 2021, total industrial production turnover levels increased by 4.7% when compared with the previous 3-month period.
• Turnover rose by 5.4% in the domestic market and by 3.2% in the non-domestic market.
• Year-on-year, turnover in the domestic market was up 41.0% and up by 38.6% in the non-domestic one.

Market Impact

Ahead of today’s inflation figures, the EUR had risen to a pre-stat and current day high $1.17832 before sliding to a pre-stat and current day low $1.17520.

In response to today’s stats, the EUR rose to a post-stat high $1.17615 before falling to post-stat low $1.17576.

At the time of writing, the EUR was down by 0.19% to $1.17582.