Euro (EUR) Exchange Rate Firms on Positive Industrial Production Data
The Euro exchange rate ticked higher against the British Pound, US Dollar and several other peers on Monday following the publication of better-than-expected industrial production data out of Spain and Germany. Further gains were restrained however due to softer than expected investor confidence report.
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According to data released by the German Federal Statistics Office, industrial production in the Eurozone’s largest economy expanded by 0.4% in February, adding to the 0.7% rise seen in January.
The figure was better than economist predictions for an increase of 0.3%. On a year-by-year basis, industrial production climbed by 4.8% in February.
In Spain the national statistics office released its own industrial production report; the struggling nation has seen something of a revival production wise in recent months even though unemployment remains stubbornly high.
Industrial production grew by 0.7% on a monthly basis and by 2.8% year on year. Economists had been expecting a 1.7% increase year on year.
The biggest rise in output was as a result of capital goods and energy rises.
The Euro exchange rate was unable to make further gains after data showed that Greece posted a worse than forecast balance of trade deficit and as investor confidence across the region came in below expectations.
According to a report the Sentix index of investor confidence within the Eurozone rose less than expected in March. The Index edged higher to 14.1, up from the 13.9 figure recorded in the previous month. Economists had been expecting a figure o 14.2.