According to the official data published on Monday, Germany’s Industrial Production declined more than expected in August, suggesting sluggish manufacturing sector activity.
Industrial output in the Eurozone’s economic powerhouse dropped 0.2% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. -0.1% expected and -0.6% seen in July.
On an annual basis, German Industrial Production fell 2.0% in August when compared to a 1.7% drop in July.
FX implications
The shared currency remains on the back foot against the US Dollar after mixed German industrial figures. The pair is losing 0.32% on the day to trade at 1.0551, as of writing.
Source: https://www.fxstreet.com/news/german-industrial-production-declines-02-mom-in-august-vs-01-expected-202310090602