020 7898 0500The only release of note from across the eurozone on Friday was the German industrial production figures which were extremely impressive. In April, productive shrank by 1.3% and the following month it had been expected to have picked up to 0.3% growth. However, the release actually showed industrial production increased by a whopping 2.6%.
It is the steepest increase in production since November last year and Germany has shown quite the turnaround of late. Trump’s trade tariffs have had a negative impact on German business confidence, but recent releases have put paid to that for now. The euro strengthened against sterling and the dollar following the release to post a fine end to the week for the single currency.
Today we will see the balance of trade from Germany in May. There was a trade surplus of €20.4 billion last month so it will be interesting to see whether this has widened or narrowed.
