Economic Data from German Fails to Deliver EUR Support Once More

It was relatively quiet start to the European session. German industrial production figures were in focus.

German Industrial Production

In May, industrial production fell by 0.3%, following a revised 0.3% decline in April. Economists had forecast a 0.7% rise.

According to Destatis,

  • Production in industry excluding energy and construction was down by 0.5%.
  • Within industry, the production of consumer goods rose by 4.1%, while the production of intermediate goods increased by 0.6%.
  • The production of capital goods fell by 3.4%.
  • Outside of industry, energy production fell by 2.1%, while production in construction rose by 1.3%.
  • Compared with May 2020, production was up 17.3%, while down by 5.0% when compared with February 2020.

Market Impact

Ahead of today’s stats, the EUR had risen from a pre-stat low $1.18156 to a pre-stat and current day high $1.18347.

In response to today’s stats, the EUR fell from $1.18307 to a post-stat and current day low $1.18131.

At the time of writing, the EUR was down by 0.04% to $1.18185.

EURUSD 070721 Hourly Chart

Next Up

It is also a quieter day ahead on the U.S economic calendar. On the economic data front, JOLT’s job openings will likely have little influence.

After the European close, the FOMC meeting minutes will be key, however