German Industrial Production declines 1.1% MoM in July, vs. 0.3% expected

Germany’s Industrial Production declined 1.1% Month-on-Month (MoM) in July, the latest data published by Destatis showed on Monday. This figure came in below the market consensus of a 0.3% growth and slower than the previous reading of 0% (revised from 0.2%). 

Industrial sector activity, in the Eurozone’s economic powerhouse, fell by 1.6% Year-on-Year (YoY) in July, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, after declining 0.5% in June. 

Market reaction

A mild selling pressure is seen in the Euro (EUR) following the German Industrial Production data release. At press time, EUR/USD edges down to near 1.1610.