Industrial Production in Germany rebounded less-than-expected in May, the official data showed on Tuesday; although confirmed that the manufacturing sector in Europe's largest economy is gradually recovering from the lockdown-imposed slump.
The industrial output came in at +7.8% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 10.0% rebound expected and -17.9% last.
On an annualized basis, the German industrial production arrived at -19.3% in May versus -11.1% expected and -25.3% booked in April.
In the last hour, the IFO institute said its production index climbed to 4.3 points in June from -19.5 in May, marking the second biggest increase since German reunification three decades ago.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
FX implications
The shared currency shows little reaction to the below forecasts German industrial figures, as EUR/USD flirts with daily lows of 1.1302 amid a broad-based US dollar recovery.
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