- Industrial Production increased more than expected in the euro area in January.
- EUR/USD continues to edge lower as focus remains on ECB.
Industrial Production (seasonally adjusted) in the euro area rose by 2.3% on a monthly basis in January following December’s decline of 1.8%, the data published by the Eurostat showed on Thursday. This reading came in better than the market expectation of +1.4%.
Further details of the report revealed that Industrial Production contracted by 1.9% on a yearly basis.
Despite the upbeat data, the shared currency continues to weaken against its major rivals ahead of the European Central Bank’s monetary policy announcements. As of writing, the EUR/USD pair was down 0.3% on the day at 1.1235.