German industrial production data for February was released today at 7:00 am BST. Report was expected to show a small 0.3% increase in industrial output compared to January. However, actual report turned out to be a big positive surprise. On a month-over-month basis production grew much more than expected while annual drop turned out to be much smaller than expected. Moreover, annual drop was smaller than in January, while market expected it to deepen.
EUR ticked higher following the release, but scale of the move was rather small.
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- Monthly: 2.1% MoM vs 0.3% MoM expected (1.0% MoM previously)
- Annual: -4.8% YoY vs -6.8% YoY expected (-5.5% YoY previously)
Source: xStation5
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