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Greek Industrial Production Dips, Dragging on Eurozone Growth Outlook
Confirmed
In Short: Greece's industrial production fell by 1.2% year-over-year in July, casting doubt on the Eurozone's growth prospects.
Greece's industrial production dropped by 1.2% year-over-year in July, according to the latest data, which is a significant decline from the previous 1.1% growth. This downturn in Greek industrial output has raised concerns about the Eurozone's overall growth trajectory.
German factory output, a key indicator for the Eurozone, declined by 1.1% in July, far below the market expectation of a 0.3% increase. The June reading was also revised down to 0% from the previously estimated 0.2% rise. This negative development has put downward pressure on the Euro.
Despite the downbeat industrial production figures, the overall quality of bathing waters across Europe has remained stable, with Greece among the countries with the highest share of excellent quality bathing waters, at 95% or higher. This environmental data, however, does not directly impact financial markets.
What's confirmed
- Greece's industrial production dropped by 1.2% year-over-year in July, according to the latest data, which is a significant decline from the previous 1.1% growth. This downturn in Greek industrial output has raised concerns about the Eurozone's overall growth trajectory.
- German factory output, a key indicator for the Eurozone, declined by 1.1% in July, far below the market expectation of a 0.3% increase. The June reading was also revised down to 0% from the previously estimated 0.2% rise. This negative development has put downward pressure on the Euro.
- Despite the downbeat industrial production figures, the overall quality of bathing waters across Europe has remained stable, with Greece among the countries with the highest share of excellent quality bathing waters, at 95% or higher. This environmental data, however, does not directly impact financial markets.
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.
- The EUR/GBP pair is testing support at a previous resistance area, at 0.8585 ahead of the US session opening, after failing to find acceptance above the 0.8600 area last week.
- 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.
- 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.
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