Eurozone: Industrial Production contracts 2% in October compared to -1.5% forecast

• Industrial Production in the Eurozone and the European Union contracted in October.
• EUR/USD remains in positive territory above 1.0650 after the data.

Data published by Eurostat revealed on Wednesday that the Industrial Production in the Eurozone and the European Union (EU) contracted 2% and 1.9%, respectively, on a monthly basis in October. Market expectations were for a 1.5% drop in production in the Eurozone.

Compared to October 2021, Eurozone Industrial Production grew by 3.4%, below the 5.1% expansion recorded in September.

“In the Eurozone in October 2022, compared to September 2022, the production of Energy fell 3.9%, that of durable consumer goods 1.9%, that of intermediate goods 1.3% and that of capital goods 0.6%, while the production of non-durable consumer goods increased 0.3%,” the post read.

The EUR/USD pair showed no immediate reaction to these figures and is up 0.27% on the day, trading around 1.0660.