The Euro fell modestly against the American peer, ignoring impressive gains in Germany's industrial production. The EUR/USD currency pair went down just 7 base points or 0.06% to finish the sessions slightly higher in the 1.1740 area.
Destatis revealed that industrial output in Germany rose at a faster-than-expected pace of 2.6% over the month of August, showing the largest monthly gain since July 2011. The strong figure suggested that the European biggest economy is likely to expand in the October quarter. In addition, an upbeat business sentiment and solid increase in industrial orders, which was driven by strong demand particularly from outside the Euro zone, pointed to further upswing in the industrial output.
| Historical Data Table: German Industrial Output m/m | |||||
| Date | 28.04.2017 | 29.05.2017 | 28.06.2017 | 27.07.2017 | 28.08.2017 |
| Actual | 0.80% | 1.20% | –0.1% | 0.00% | 2.60% |
| Forecast | 0.60% | 0.20% | 0.20% | 0.50% | 0.90% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| EUR/USD | 1.17368 | 1.17297 | -0.06% | ||
| EUR/GBP | 0.8956 | 0.89473 | -0.10% | ||
| EUR/CHF | 1.14792 | 1.14794 | 0.00% | ||
| EUR/JPY | 112.589 | 112.597 | 0.01% | ||