Greece industrial production yoy july vs previous

10:04 AM ETDeveloping

Business Desk

In Short: In the Eurozone, GDP growth has been revised upward, but industrial production in Germany dropped sharply.

Greece's industrial production growth for July was revised downward, contrasting with the Eurozone's overall GDP growth, which was revised upward. According to reports, the Eurozone's second-quarter GDP growth was revised to 0.6% from the previously estimated 0.4%, marking a significant improvement from the first quarter's 0.1% increase. However, German industrial production fell by 1.1% in July, significantly below market expectations of a 0.3% increase, and June's reading was revised down to 0% from the previously estimated 0.2% rise.

The EUR/GBP pair is currently testing support at a previous resistance area, at 0.8585, after failing to find acceptance above the 0.8600 level last week. This movement is influenced by the mixed economic data, with the Eurozone's GDP showing a positive revision but German industrial output declining sharply. Gold prices have also turned higher, moving away from a one-week low, reflecting market sentiment and economic indicators.

The revised GDP figures for the Eurozone indicate a stronger economic performance, with year-over-year growth now at 1.2% compared to the previous estimate of 1%. However, the downbeat German industrial production figures cast doubt on the Eurozone's growth outlook and put downward pressure on the Euro. Analysts at Fxstreet noted that the EUR/GBP pair is trading just above previous resistance, now turned support, with momentum indicators on intraday charts turning bearish.

The news of German industrial output dropping sharply in July has led to a reassessment of the Eurozone's growth prospects. The decline in German factory output, which is a key component of the Eurozone economy, suggests that the region's economic recovery may be more fragile than previously thought. This development has put pressure on the Euro and the EUR/GBP pair, which is now testing support levels.

What's still developing

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.
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.
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