Industrial production in France drops in the second quarter for the second straight quarter. After falling in the four of the initial five months of this year, total French output recorded a 0.6 percent sequential rise in June, with manufacturing output up by the same amount.
In the second quarter as a whole, French IP dropped 0.2 percent after falling 0.5 percent in the prior quarter. With all of the large member states having now released their IP figures for June, the outlook for the next week’s release of the respective euro area data is not particular upbeat, noted Daiwa Capital Market Research.
Indeed, industrial output growth in the euro area that month seems to have been slightly above zero and the quarterly rate appears likely to have been similarly flat – a rebound from the 0.6 percent sequentially fell in the first quarter but down very significantly from the growth rates of over 1 percent three month-on-three month recorded in the second half of last year, added Daiwa Capital Market Research.
At 20:00 GMT the FxWirePro's Hourly Strength Index of Euro was bearish at -76.7875, while the FxWirePro's Hourly Strength Index of US Dollar was bullish at 75.1535. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
