Forex: Weak European Industrial Manufacturing brings Euro losses

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Industrial Production rates for the month of February have been announced in the Eurozone. The announced rate of 0.4% was half of the 0.8% figure the market speculated but twice as big as the 0.2% figure of January. On a yearly basis the rate was 7.3% against a speculated 8.0% rate and a previous 6.3% rate. Minutes before the announcement the Euro recorded a 7 pip rise following possible expectations of a rise in the figure but shortly after news announcement at around 10:00 GMT the single currency lost a near 17 pips to drop at 1.4484.

The Industrial Production rates which are released by Eurostat indicate the volume produced by industrial factories and manufacturers. A high reading or upwards trend is considered as a sign of inflation which could lead to interest rates rise and economy improvements. The EURUSD pair is currently traded at 1.4491.