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German industrial production data released earlier today followed all other German macro indicators and plunged considerably in March. Industrial production fell by 9.2 percent month-on-month, from 0.3 percent MoM in February. On the year, industrial production was down by almost 12 percent.
The data follows the largest drop on record in manufacturing orders data Wednesday, which showed a 15.6 percent decline in orders on an adjusted basis.
Baring the construction sector activity which saw an increase by some 2 percent, all other sectors dropped significantly, of which drop by more than 30 percent MoM in the automotive industry was worth noting.
EUR/USD was trading 1.0792 before the release of data and hit highs of 1.0816 before erasing some gains to trade at 1.08 level at around 08:30 GMT. The major has lost over 1.60 percent in the week till date and technical analysis supports further downside in the pair.
EUR/JPY was trading at 114.91 (up 0.37 percent) while EUR/GBP was comatose around 0.8729 at around 08:30 GMT.
