The German industrial production recovered, albeit less than expected in September, official data showed on Friday, suggesting that the recovery in the manufacturing sector is gradually gathering momentum.
Industrial production reached 1.6% monthly, the federal statistics authority said Destatis in figures adjusted for seasonal and calendar effects, versus the expected jump of 2.7% and a -0.2% in the last year.
On an annualized basis, German industrial production reached -7.3% in September against -9.6% registered in August.
About German industrial production
Industrial production published by the Federal Statistical Office of Germany measures the output of German factories and mines. Changes in industrial production are widely followed as an important indicator of the strength of the manufacturing sector. A high reading is seen as positive (or bullish) for the euro, while a low reading is seen as negative (or bearish).
Implications for FX
The shared currency has an advantage in mixed German industrial figures.
As of this writing, the pair EUR/USD increased by 0.8% operating in the 1.1829, benefiting from the persistent bearish tone around the US dollar amid rising odds of a Biden election victory.
.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
