Eurozone Production Data

• Industrial Production (m/m) (January), fact 1.4%, forecast 1.0%.

The industrial production indicator in the eurozone in January rose unexpectedly to its maximum over the past few years, showing growth after a long decline, which was tracked for four consecutive months. In fact, it indicates a resumption of activity in the manufacturing sector of the eurozone. But in conditions of a prolonged decline, this indicator is perceived by the market with a very restrained attitude.

Fig. 1. Chart of industrial production in the eurozone

Also it is worth noting  the preserved uncertainty around Brexit, which maintains the uncertainty around the euro and the British pound. The EUR/USD pair is trading very discreetly, staying near the psychology 1.1300. Despite the preservation of the upward dynamics and data for the euro area, the movement of this pair depends largely on the situation around Brexit. Support levels are: 1.1270 and 1.1250, resistances: 1.1300 and 1.1340.

Fig. 2. EUR/USD chart. Current price – 1.1300

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Hanzenko Anton

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