At 11:00 Eurostat published latest April data on changes in industrial production in the euro area. Did positive data help EUR on the market?
In previous month industrial production index increased by 0.5% (monthly rate) or by 1.4% in annual terms. The data turned out to be slightly more positive than expected by the market – it was mainly dynamics in annual terms that surprised market . It is also better in the whole EU. Monthly industrial production index for all 28 Member States was +0.2%.
Ireland (+7.7%), Malta (+2.9%) and Portugal (+2.0%) were the fastest growing industrial producers. At the other end of the ranking are Slovakia (-10.9%), Luxembourg (-3.1%) and Greece (-2.9%).
Better data from the labor market
At 11:00 we received latest data on change in employment in Europe. The number of employees both in the euro area and throughout the European Union increased by 0.4% in the first quarter. Recent data indicate that the growth rate of employment in Europe remained unchanged in relation to the last quarter of 2016.
The largest increase in employment was recorded in Estonia (+2.8%), Malta (+1.7%) and Ireland (+1.1%). The highest decrease was recorded in Latvia (-1.9%), Romania (-1.2%) and Croatia (-0.6%).
Market reaction
Data, although quite positive for the EUR did not shake the market. EUR/USD is just above support 1,1200, and breaking band of avarages indicates a higher probability of declines:
