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German Industrial Production better but trade surplus narrows- EUR/USD unfazed
The January German industrial production report has just been released. Production fell by 2.4% in December. It was expected to bounce back, with a gain of around 1.5% in January. It has actually risen by 2% and the annualised rate has improved significantly and is also better than forecast. At the same time, the January trade surplus did fall and quite markedly too. That fell to 16 billion Euros from a prior surplus of 20.7 billion. That was all mostly due to a slide in Exports. However, the Euro has not really reacted to the news. Of course the EUR/USD has bigger fish to fry at the moment and this data is unlikely to deter the current dynamic. The EUR/USD is right now at 1.0841
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