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Fundamental Forex Analysis

Eurozone Industrial Production slumps 17.1% MoM in April vs. -20% expected

According to the latest figures released by Eurostat on Friday, Eurozone Industrial Production tumbled less-than-expected in April.

Industrial production slumped 17.1% on the month, bettering the consensus expectations of a 20.0% decline as well as the previous figure of -11.9%.

On an annualized basis, the bloc’s industrial output plunged 28% in April vs. -29.5% expected and -13.5% last. The industrial figures reported the biggest monthly drop since records began in 1991.

Market reaction

EUR/USD extends retreat from daily highs of 1.1341 on plunging Eurozone Industrial Production and broad US dollar pullback. The spot trades at 1.1321, still up 0.25% on a daily basis.

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