Latest data released by INSEE - 9 March 2018

  • Prior m/m +0.5%; revised to +0.2%
  • Industrial production y/y +1.2% vs +3.8% expected
  • Prior y/y +4.7%; revised to +3.9%
  • Manufacturing production m/m -1.1% vs +0.3% expected
  • Prior m/m +0.3%; revised to -0.1%
  • Manufacturing production y/y +3.3% vs +4.8% expected
  • Prior y/y +4.7%; revised to +4.2%

Very poor figures across both manufacturing and industrial sectors for January. And lower revisions for the prior month as well. Goes in tandem with the German figures that we had earlier as well.

Certainly continues to poke at the question of have we seen the peak in Eurozone growth? That will continue to be a topic in question if the data points start feeding into Q1 GDP figures when we come to it later.

INSEE is saying that they have changed the base year for calculating industrial production indices from 2010 to 2015, leading to some slight revisions - though it's not said by how much that has affected the release here.

EUR/USD largely unphased, now at 1.2315. EUR/GBP at 0.8915, still range-trading. EUR/JPY at 131.41, also unphased.