Euro rises after a report from Eurostat showed that euro zone Industrial production in the 17 countries sharing the euro rose 0.6 percent in May from April. This beat expectations which were for growth to remain stagnant.
Europe’s largest economy, Germany, increased industrial production by 1.5 percent in May, showing that its economy has the most resilience to the debt crisis. However the figure is still not enough to compensate for a 2 percent drop in April. Italy also saw growth in IP, rising 0.8 percent in May after also falling 2 percent in April.
France was a disappointment though, with its IP falling 2.1 percent in May.
Also, Eurostat revised downward the EZ IP reading for April to a 1.1 percent drop from a 0.8 percent decrease, the deepest fall so far this year, highlighting the weak demand for goods as the euro zone suffers from its 2-1/2 year debt crisis.
EURUSD rose from 1.2225 within 30 minutes of the data at 09:00 GMT and last traded at 1.2217 at 09:50 GMT.