German industrial production outperformed expectations with a 0.7% monthly gain in September, yet the Euro remains under pressure against the US Dollar due to significant downward revisions in prior months.
German Industrial Production rose 0.7% MoM in September, beating the 0% estimate, yet the Euro failed to gain and EUR/USD is trading near 1.1180, down 0.33% on the day. The beat was partly offset by downward revisions (August cut from 2.0% to 1.0% MoM and from 2.3% to 0.7% YoY), leaving the pair under pressure against a stronger US Dollar.
The 0.7% MoM rise beat the 0% forecast, but August's figure was revised down sharply (from 2.0% to 1.0% MoM), and the article notes the data failed to boost the Euro, with EUR/USD down 0.33% near 1.1180 as the Euro was the weakest major currency against the US Dollar.
Despite German Industrial Production beating estimates at +0.7% MoM for September, the article states the data fails to boost the Euro, which is the weakest currency against the US Dollar today. Revisions to prior months (August MoM cut from 2.0% to 1.0%) diluted the positive surprise, keeping the single currency on the back foot.
On paper it is a beat (+0.7% MoM vs 0% expected), but the article says the data fails to boost the Euro, which was the weakest major currency against the US Dollar on the day, as earlier months were revised lower.
Germany's industrial output grew 0.7% month-on-month in September, surpassing the 0% forecast. Despite the headline beat, the Euro failed to gain momentum as downward revisions to August data dampened sentiment, leaving the EUR/USD pair trading lower at 1.1180.
While the 0.7% monthly rise beat expectations, the market focused on downward revisions to August data, which saw the previous month's growth cut from 2.0% to 1.0%, offsetting the positive surprise.