German Industrial Production jumps 3.5% MoM in January vs. 1.4% expected
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Industrial Production in Germany continued its uptrend in January, the official data showed on Wednesday, suggesting that the manufacturing sector recovery is gaining traction.
Eurozone’s economic powerhouse’s Industrial Output jumped by 3.5% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 1.4% expected and -2.4% prior.
On an annualized basis, German Industrial Production arrived at -1.6% in January versus a -3.3% figure booked in December and -2.1% market expectations.
The shared currency failed to draw inspiration from the upbeat German industrial figures, in the face of a slump in Retail Sales. At the time of writing, EUR/USD is trading at around 1.0635, losing 0.10% on the day.
The Industrial Production released by the Statistisches Bundesamt Deutschland measures the outputs of German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
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