Latest data released by Destatis - 6 September 2019
- Prior -1.5%; revised to -1.1%
- Industrial production WDA -4.2% vs -3.9% y/y expected
- Prior -5.2%; revised to -4.7%
Slight delay in the release by the source. Industrial activity slumped in July - missing on expectations - and that just further reinforces the notion that the German factory/manufacturing recession is still ongoing at the start of Q3.
If anything else, all this does is further reaffirm that we are moving closer towards a technical recession in Germany. EUR/USD continues to hold steady on the day at 1.1039 as the focus stays on the key risk events in the US later today.
