Forex Flash: Italy reports horrific industrial production figures - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts have paid special attention to Italy, who have reported a horrific industrial production report.

They note that the 0.8% decline was four times greater than what the consensus expected and the intractable political problem has been addressed, at least for the near-to-medium term, but the economic problems remain as powerful as ever. They write. “The EC expects the Italian economy to contract 1.3% this year. The OECD says 1.5% and Fitch say's 1.8%. We are concerned that even Fitch is erring on the side of optimism.”