Euro Stays Muted As German Industrial Production Slides For Five Months In Row

Published on Dec 07, 2023 14:18

Euro stayed muted around 1.0780 against the US dollar after tepid economic data. EURUSD pair has drifted lower over last few days and currently lingers around three week low. Germany`s industrial production dipped in October, sliding for a fifth-straight month and reflecting deteriorating environment in the key manufacturing base of Europe`s largest economy. Total output dropped 0.4% compared with the previous month, seasonally and on a calendar-adjusted basis, from a 1.3% decline in September. On the year, industrial production slipped by 3.5%. Industrial production in energy-intensive sectors dropped by 1.4% MoM and is down by more than 7% on the year. The NSE EURINR futures are down 0.08% at 89.94 after an early tumble took the futures under 89.80 mark.