Italian industrial production for July has come in at +1.0% m/m, appreciably stronger than the median forecast of +0.4%. A further plus is that June’s data has been upwardly revised, to -0.6% from initial -1.2%.
Work day adjusted industry output meanwhile fell -18.2% y/y from -21.6% in June, better than the median forecast of -21.0%.
Not that the data has helped the euro any. EUR/USD has slipped back to 1.4590 at writing.
Central bank activity (China in EUR/USD selling up at 1.4620/30 and BIS in USD/JPY buying around 90.70) will be prompting some USD shorts to cover.
