FxWirePro: Euro under pressure as European data disappoints

The single currency is sinking against USD, as the pan-European growth concern, coupled with Brexit and slowdown in Europe’s powerhouse Germany.

• European data released so far has been disappointing.

French industrial output:

• December industrial production +0.8% vs +0.6% m/m expected
• Prior -1.3%; revised to -1.5%
• Industrial production -1.4% vs -1.4% y/y expected
• Prior -2.1%; revised to -2.2%

• Manufacturing production +1.0% vs +1.1% m/m expected
• Prior -1.4%; revised to -1.5%
• Manufacturing production -1.0% vs -1.2% y/y expected
• Prior -2.2%; revised to -2.3%

German trade balance:

• December trade balance €13.9 billion vs €16.5 billion expected
• Prior €20.5 billion; revised to €20.4 billion
• Current account balance €21.0 billion vs €23.3 billion expected
• Prior €21.4 billion
   
• Exports +1.5% vs +0.4% m/m expected
• Prior -0.4%; revised to -0.3%
• imports +1.2% vs +0.5% m/m expected
• Prior -1.6%; revised to 1.3%

The single currency is down for the fifth consecutive day and currently trading at 1.1325 against the USD.