Recent data from the Eurostat reveals that industrial production in the Eurozone declined in October in line with a reduction in output of capital goods invested. Industrial production in 19 member states that use the Euro as currency declined by 0.5% MoM and by 2.2% YoY.

The monthly decline observed came in as expected while the annual decline was forecast as 2.3%. Production of capital goods reduced by 2% MoM and 3.6% YoY during October even as durable and non-durable consumers goods increased in production during the period.

EUR/USD is trading somewhat bearish following the release of this news and ahead of the release of ECB rates decision and press conference due later today. At the time of writing. EUR/USD is trading at around 1.112.