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The EUR Gets a Boost from Economic Sentiment and Industrial Production Figures

It was a relatively busy Eurozone economic calendar. Industrial production figures from Italy and economic sentiment figures for Germany and the Eurozone were in focus.

Italian Industrial Production

According to istat, industrial production fell by 0.1% in March, reversing a 0.1% increase in February. Economists had forecast a 0.4% rise. Production rose by 0.9%, quarter-on-quarter, in the 1st quarter of this year.

Year-on-year production was up 37.7% in March. In February, production had been down by 0.8%. Economists had forecast a 37.2% jump.

Economic Sentiment

In May, Germany’s ZEW Economic Sentiment Indicator jumped from 70.7 to 84.4, with the Current Conditions Indicator rising from -48.8 to -40.1.

Economists had forecast the German Economic Sentiment Indicator to rise to 72.0 and for the Germany’s Current Conditions Indicator to rise from -48.8 to -41.3.

For the Eurozone, the Economic Sentiment Indicator jumped from 66.3 to 84.0. Economists had forecast a rise to 65.0.

Market Impact

Ahead of the numbers the EUR had risen to a pre-stat high $1.21494 before falling to a pre-stat and current day low $1.21231.

In response to the marked year-on-year increase in industrial production figures, the EUR rose to a high $1.21643 ahead of the ZEW numbers.

The ZEW Economic Sentiment figures provided further support, with the EUR striking a post-stat and current day high $1.21693.

At the time of writing, the EUR was up by 0.30% to $1.21660.

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