Forex News – Germany’s Industrial Production rises 0.8 percent

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Germany’s industrial output data rose 0.8 percent beating expectations  of a mere 0.4 percent increase. Helping boost the numbers was stronger production of capital goods and consumer durables.

September data was revised to a drop of 2.8 percent, from a previously reported fall of 2.7 percent.

Euro was little change to the news though, declining sharply due to pessimistic comments by a German official.

The senior official spoke under anonymity saying that Berlin is increasingly pessimistic about the chances of a deal to solve the debt crisis at the summit, because some governments do not seem to grasp the gravity of the situation.

“We get the impression from many conversations in recent days that a lot of the protagonists still have not understood how serious the situation is,” he said.

EURUSD has reached a session low of 1.3368 by 11:21 GMT from an early session high of 1.3452.

Despite a successful auction on federal notes earlier in the day, the euro kept falling. Germany was able to auction off five-year notes which received bids for 8.67 billion euros ($11.6 billion). This was more bids than the maximum target of 5 billion euros. The Bundesbank said in a statement that the notes were sold to yield 1.11 percent.