German economic data surprises to the upside

There was further positive data emanating from the Eurozone yesterday as German data was better than expected for the second day in a row. Monthly figures from Europe’s largest economy detailing the change in industrial output showed a 2.4% increase, which was around 2% better than expected. This did lend some support to the euro although the single currency was largely at the mercy of events elsewhere throughout the day. Ground was lost against sterling following influential forward guidance that was issued by the Governor of the Bank of England, whilst the euro strengthened moderately against the US dollar. Today sees the release of one more German data set in the form of its monthly trade balance release, which shows the difference in value between the nation’s imports and exports. This is followed by the ECB monthly bulletin, which will provide some further insight into the economic strength of the Eurozone as a whole. Call your trader now to see how euro performance is affected by these events.