Eurozone Industrial Production Holding up Well, Despite Covid-19
Skerdian Meta•Monday, December 14, 2020•1 min read
The Eurozone economy is probably heading towards another recession, with the increased restrictions due to coronavirus, which are increasing further as we head towards the Christmas period. However, larger businesses and corporations have been doing well during this pandemic, as earnings from the large companies have shown recently.
Industrial production dipped back in August/September, after the jump following the March/April dive, but it picked up again in October, which shows that this sector won’t have too much trouble during this second lock-down period, although in October the restrictions were just starting, so let’s wait and see in the coming months.
- October industrial production MoM +2.1% vs +2.0% expected
- September production MoM -0.4%; revised to +0.1%
- Industrial production YoY WDA -3.8% vs -4.4% expected
- September production YoY -6.8%; revised to -6.3%
Industrial production is picking up a touch, and higher revisions will be welcome news in Q4. This morning, the EUR/USD is gaining support due to the weak dollar. One area to watch is the strength of the EUR. If it gets too strong we may see some ECB jawboning. A strong euro is not good for European exporters.
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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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