The official data published by Eurostat showed this Wednesday that Industrial Production in the Eurozone increased 1.5% in July as against 0.6% anticipated. On an annualized basis, the industrial output surpassed market expectations and rose 7.7% during the reported month as against the previous month’s upwardly revised reading of 10.1%.
The data remained supportive of a bid tone surrounding the shared currency, which was further supported by the emergence of some fresh selling around the US dollar. At the time of writing, the EUR/USD pair was seen trading near daily tops, around the 1.1825-30 region, up nearly 0.20% for the day.
Industrial Production is released by Eurostat. It shows the volume of production of Industries such as factories and manufacturing. Uptrend is regarded as inflationary which may anticipate interest rates to rise. Usually, if high industrial production growth comes out, this may generate a positive sentiment (or bullish) for the EUR, while low industrial production is seen as a negative sentiment (or bearish).