German Industrial Production misses estimates with 1.6% in Sept, EUR/USD stays above 1.18

Industrial Production in Germany rebounded but less-than-expected in September, the official data showed on Friday, suggesting that the recovery in the manufacturing sector is gradually gaining momentum.

The industrial output came in at 1.6% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 2.7% jump expected and -0.2% last.

On an annualized basis, the German industrial production arrived at -7.3% in September versus -9.6% booked in August.

more to come ...

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).