Euro zone industry output fell -2.6% month on month and by -12.0% year on year, the numbers weaker than expected when compared to the consensus forecasts of -2.5% and -9.5% respectively. Not a pretty picture at all. EUR/USD is sliding lower again as I write, presently down at 1.2830. Risk aversion is very much to the fore today and the likes of the euro and pound are taking it on the chin while the japanese yen and U.S. dollar prosper.