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German April industrial production disappoints- EUR/USD unmoved
The April German industrial production data has just been released. As with the factory orders released yesterday, the markets were looking for a rebound in the data from March. Well, the markets did not get that rebound yesterday and they did not get it today either. April Industrial production was forecast to rebound by 0.2%, from a 0.4% decline in March. It has actually fallen by 0.1% The annualised rate was forecast to be falling at 3%, slightly improved from the prior -3.3% run rate the month before. It has fallen by 3.9%. The one bright spot for the German economy is the trade balance which was just released pretty close to forecasts. Germany is still running a massive trade surplus and that is the one area that is keeping the economy on the front foot. The EUR/USD has entirely ignored all this data, as is often the case.
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