EU industrial production falls, though not as much as expected

Published date: 12/04/2019
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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.


Comments

  • EU industrial production falls, though not as much as expected
    Gary gallagher says:
    12/04/2019

    UJ is pushing heavy! should see a gold short

  • EU industrial production falls, though not as much as expected
    Raveena says:
    12/04/2019

    Does this affect the price of gold?

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