Latest data released by INSEE - 10 May 2019
- Prior +0.4%; revised to +0.1%
- Industrial production -0.9% vs -0.1% y/y expected
- Prior +0.6%; revised to +0.5%
- Manufacturing production -1.0% m/m
- Prior +1.1%; revised to +0.8%
- Manufacturing production +0.5% y/y
- Prior +2.8%; revised to +2.6%
Softer figures along with a weaker revision to boot. Certainly doesn't convince but the factory activity data here is reflective of Q1 sentiment, in which we already had a glimpse of last week here. As such, this isn't something that will cause a drag in the euro.
EUR/USD sits mildly higher still at 1.1221, as buyers hold near-term control but is continuing to lack conviction for a further break higher.
