Industrial Production Had Already Started to Cool Off in July
Eurozone industrial production posted a 4.1% increase for July, slowing from June
Skerdian Meta•Monday, September 14, 2020•1 min read
Industrial and manufacturing production has already been quite weak in Europe for the last two years, posting some negative numbers most of the time. During the lockdowns though, industrial production turned massively negative, posting some major declines for March and April.
However, it turned higher when Europe reopened, increasing by 12.4% and 9.5% respectively, but it is cooling off again, and today’s report showed a 4.1% increase for July. That’s still a strong increase, but production is slowing, and it is likely to fall into contraction again, as the economy of the Eurozone has been showing major signs of weakness in the last two months.
Eurozone July Industrial Production
- July industrial production MoM 4.1% vs 4.2% expected
- June industrial production +9.1%
- Industrial production YoY WDA -7.7% vs -8.1% expected
- Prior -12.3%, revised to -12.0%
Industrial production is down from June’s reading, as the upward spike after the lifting of the lockdowns recedes. The ECB was more optimistic at their last meeting, and there is nothing here to dampen that optimism. Revisions for the WDA were a touch higher too. The EUR/USD is at 1.1857, and not moving much.
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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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