Eurozone industrial production drops for second straight month in October, worse than expectations

Industrial production in Eurozone dropped for the second straight month in October, against market expectations of a positive reading. Also, fall in production of non-durable consumer goods deepened the cause.

Eurozone’s industrial production was down 0.1 percent from September, when it was down 0.0 percent, data released by the statistics agency Eurostat showed Wednesday. Economists had been expecting a 0.2 percent rise.

The decrease during the month was attributed to the production of non-durable consumer goods falling by 1.5 percent and intermediate goods by 0.5 percent. Meanwhile production of energy rose by 0.8 percent, capital goods by 1.0 percent and durable consumer goods by 1.5 percent.

However, on the year, industrial production in the euro bloc was up 0.6 percent, below expectations of a 0.8 percent rise. In the EU-28 group of countries, industrial production was down 0.3 percent on the month but increased by 0.5 percent on the year.

Meanwhile, the EUR/USD traded at 1.06, up 0.23 percent, while at 12:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 64.20 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex