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Eurozone Industrial Production missed market expectations

Friday, Jun 12 2015
In April 2015 compared with March 2015, seasonally adjusted industrial production rose by 0.1% in euro area, missing predictions on 0.4% increase. The increase of 0.1% in industrial production in the euro area in April 2015, compared with March 2015, is due to production of durable consumer goods rising by 1.0%, capital goods by 0.7% and intermediate goods by 0.3%, while non-durable consumer goods fell by 0.8% and energy by 1.6%. 
 
However, euro was pushed lower yesterday, and continues its downtrend today after concerns over a potential Greek default grew stronger after the International Monetary Fund chose to leave negotiations IMF pulled out of Greek debt talks after it accused Athens of failing to compromise over labour market and pension reforms.
 
The IMF said its team of negotiators had quit talks in Brussels after reaching a stalemate and would be returning to Washington. Greek Prime Minister Alexis Tsipras was scheduled to resume talks in Brussels with European commission President Jean-Claude Juncker on Friday. However, such a meeting is now in doubt. A government spokesman said Greece's negotiating team is "ready" to intensify efforts to wrap up a deal "even in the next 24 hours."
 
Euro sharply fell and is currently being traded few points above 1.1160 area. Pair is likely to find support around 1.11 area and resistance above 1.1250 level. Later today, in the US session, PPI and Consumer Sentiment data is scheduled for a release.
More in this category: « UK Construction Output decreased by 0.8% in April U.S. PPI rose by 0.5% in May »

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