A fear arising this week from the European Central Bank’s (ECB) rate statement, and concurrent speculation over an Italian default, has been that regional growth is becoming stagnant. Today’s industrial production figures out of Germany appear to confirm this view.
The agency Destatis released its report on German Industrial Production Friday at 11:00 GMT revealing a 1.1% contraction in the industrial sector of the German economy. Economists had forecast a meager 0.1% growth, anticipating a slow-down. But today’s contraction signals a far worse scenario than some had anticipated. The value of the regional currency, the EUR, appears hit by the news as it enters a price slump ahead of the week’s closing.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
