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Greece Industrial Production (YoY): -1.2% (July) vs previous 1.1%
Developing
In Short: Eurozone GDP growth was revised to 1.2% year-over-year, while German industrial production dropped 1.2% in July, casting doubt on the region's economic outlook.
Greece's industrial production fell by 1.2% year-over-year in July, a decline from the previous 1.1% growth. This downbeat data from Germany, where factory output dropped 1.1% in July, adds to concerns about the Eurozone's economic recovery.
Despite these positive revisions, the German industrial production figures and Greece's industrial output decline have put downward pressure on the Euro. The EUR/GBP pair is testing support at 0.8585, a previous resistance area, after failing to find acceptance above 0.8600 last week.
What's still developing
- Gold turns higher following an intraday dip to sub-$4,400 levels, and moves further away from a one-week low touched the previous day.
- In the Eurozone, data released by Destatis earlier on Monday revealed that the economy grew at a faster rate than previously thought in the second quarter, as the Gross Domestic Product (GDP) was revised up to 0.6% from the previously estimated 0.4% growth, which is a significant improvement from the first quarter’s 0.1% uptick.
- Know more. ) (This story was corrected at 11:01 GMT to say that the EUR/GBP was rejected at 0.8600 last week, and not at 186.00 as previously stated.) The table below shows the percentage change of Euro (EUR) against listed major currencies today.
- Year-over-year, Eurozone GDP has been revised to 1.2% growth from previous estimates of a 1% increase.
- German factory output dropped 1.1% in July, against market expectations of a 0.3% increase, while June's reading was revised down to 0% from the 0.2% rise previously estimated.
- EUR/GBP trades just above previous resistance, now turned support at 0.8585, with momentum indicators on intraday charts turning bearish.
- A break below 0.8585 (July 30, August 19 highs) would expose the 0.8565 area where the trendline from mid-August lows crosses the September 2 trough.
Sources
- Fxstreetlink