German Industrial Production rises 1.2% MoM in July vs. +4.8% expected, EUR/USD unfazed

Industrial Production in Germany rose less-than-expected in July, the official data showed on Monday, suggesting that the recovery in the manufacturing sector probably lost steam.

The industrial output came in at +1.2% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. an 4.8% increase expected and +8.9% last.

On an annualized basis, the German industrial production arrived at -10.4% in July versus +12.1% expected and -11.7% booked in June.

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).