German Industrial Production rises by 3.6% in Feb, EUR/USD stays below 1.19
Industrial Production in Germany showed a sharp rebound in February, the official data showed on Friday, suggesting that the recovery in the manufacturing sector may have regained traction.
The industrial output arrived at 3.6% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 2.4% rise expected and -3.5% last.
On an annualized basis, the German industrial production plunged by -6.4% in February versus a -4.0% drop recorded in January.
The shared currency remains under pressure after the mixed German industrial figures.
At the time of writing, EUR/USD trades 0.15% lower at 1.1894, hovering near fresh daily lows.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the 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).
“Source from fxstreet”