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7 August

By Ahmed Mamdouh

Category: Forex News

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German industrial production, trade surplus miss forecasts

German industrial production and trade balance figures for the month of June missed analysts’ forecasts, adding to concerns about the pace of growth in the second quarter.

Industrial output fell 0.9 percent, compared to estimates of 0.5 percent decline, from a downwardly revised of 2.4 percent increase in May. On the year, industrial production was still up 2.5 percent.  

“In contrast to the first quarter, industrial production supported growth in the second quarter,” Bankhaus Lampe economist Alexander Krueger said.

The trade surplus in the euro area’s largest economy came in at 19.3 billion from a revised surplus of 20.4 billion. That was beneath analysts’ projections of 21.4 billion surplus.

Data released yesterday showed that factory orders slipped 4 percent in June, the biggest fall in almost 18 months.  

Analysts predict the economy to record a widening expansion to 0.4 percent in the second quarter from 0.3 percent growth in the January-March period.

As of 07:29 GMT, the euro traded higher for the fist time in six sessions after hitting a six-week bottom at $1.1530 on Monday.

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.