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12 September

By Ahmed Mamdouh

Category: Forex News

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Euro area industrial production falls 0.8% in July

Euro area industrial production showed a steeper than forecast drop in July, ahead of the European Central Bank policy meeting on Thursday.

Industrial output in the 19-nation region slumped 0.8 percent in July from a downwardly revised of 0.8 percent fall in June. Analysts had predicted a 0.5 percent decrease.

The year-on-year reading showed a 0.1 percent drop, the first annual decline since 2016, from as previous of 2.3 percent advance, compared to expectations of 3.1 percent soar.

The dismal report added to expectations the euro area would experience a weak growth in the third quarter.

In Italy, industrial production tumbled 1.8 percent on the month and plunged 1.3 percent on the year.

As of 09:14 GMT, the euro traded lower versus the U.S. dollar $1.1590 from the session’s open at $1.1604.

The ECB is widely predicted to slash its growth forecasts for the euro area as global trade tensions would undermine demand.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.