Germany: Industrial production data disappoints - BBH
Analysts at BBH explain that German industrial production unexpected fell for the second consecutive month as economists had been looking for a rebound after a 1.6% decline in October.
“October was revised to -0.9%, but the November reading showed a 1.4% decline. It appears that there were some distortions caused by holidays and bridge vacations. Manufacturing output fell 2%, led by investment and consumer goods. Energy output jumped 5%.”
“After a slow start and narrow ranges in Asia, Europe is pressing the euro lower. It is the fifth consecutive day of lower lows and the fourth straight session of lower highs. Since violating the November uptrend earlier in the week, the euro has pushed lower. The next immediate target is near $1.1760 and then $1.1710.”