Industrial Production Posts Another Strong Increase for June, But It Remains Negative YoY
Eurozone Industrial production posted another strong increase for June
Skerdian Meta•Wednesday, August 12, 2020•1 min read
Industrial production was already quite volatile last year in the Eurozone, as the US-China trade war was keeping the sentiment pretty weak for manufacturing and the industrial production. But, it went through some major declines in May and June, during the lock-downs, like most of the other sectors. In May we saw a strong bounce and today’s report showed yet another decent increase in activity for June, but the year-on-year (YoY) figures still remain quite negative.
Eurozone June Industrial Production Report
- June industrial production +9.1% vs +10.0% expected
- May industrial production +12.4%; revised to +12.3%
- Industrial production WDA YoY -12.3% vs -11.6% expected
- Prior industrial production WDA YoY -20.9%; revised to -20.4%
Similar to May, the rebound in euro area factory output was less-than-expected but still shows signs of improvement since bottoming out in April. That said, the recovery remains rather tepid with overall conditions still way off relative to that of a year ago.
Nonetheless, this pertains to Q2 data and it is pretty much a quarter that is written off at this point. The data over the next few months will offer a better indication of the recovery process and how sustainable that will be towards the end of the year. Anyway, the Euro has climbed higher after that report, with EUR/USD trading at 1.1770s now.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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