Another report from Germany delivers a major disappointment – industrial output in October declined a massive 5.3% y/y, way above expectations (-3.6%) and September data has been revised downwards. Markets hoped to see a minor improvement but instead the data shows no ray of hope. EURUSD remains unfazed though – the pair has climbed to 1.11 on global USD weakness as traders eye 1.1180 resistance. A lot still could change today as markets await the key NFP report from the US economy (1:30pm GMT).
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