German industrial production data for May was released at 7:00 am BST today and turned out to be mixed. Monthly data missed expectations and showed a 0.2% MoM drop while annual data beat expectations and showed a 0.7% YoY increase (0.5% YoY expected). Release trigger a bullish reaction on EUR market with EURUSD ticking higher. However, scale of the move on the main currency pair was small and did not exceed 0.1%.
Drop in May industrial production was driven by energy and construction as stripping those two out would result in monthly industrial production reading of +0.2% MoM.
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- Monthly: -0.2% MoM vs 0.0% MoM expected (+0.3% MoM previously)
- Annual: +0.8% YoY vs 0.5% YoY expected (+1.7% YoY)
EURUSD at 5-minute interval. Source: xStation5
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