EU industrial production falls, though not as much as expected
This morning's only notable data release was the EU industrial production figures for Feb, which have shown a modest drop on the month, though much less than some of the expectations. The consensus was for a 0.5% fall in March, so a -0.2% reading is technically better than expected and the year on year number is -0.3% vs -1% median projections.
As the EUR is rising already, we may see a little support from these numbers, but as we noted earlier, EUR/USD is eyeing resistance in the 1.1315-25 area and this may contain the market ahead of the weekend as conviction starts to run out.
There is also the fact that sellers were trying to push for a move towards and through 1.1200 earlier in the week and ahead of the ECB, so the lack of progress could be adding to position close-outs rather than outright buying as such.
We note EUR/GBP is pushing for session highs also, and this is keeping Cable restrained below the session highs around the 1.3080 mark.
EUR/JPY is also in the upper 126.00's not, though this is largely down to the push up in USD/JPY towards 112.00.