Euro weakens after Industrial Production contracts in Euro Zone

12 September, 2013

The euro is trading lower in the European session on Thursday after falling in reaction to data showing Euro zone industrial production contracted in July.

EURUSD hit a session low of $1.3283 after the data before steadying at $1.3295 going into the U.S. session down 0.15 percent.

The Euro zone data showed industrial output decline 1.5 percent in July, compared with a 0.1 percent increase forecast.

The euro fell harder versus the yen and sterling with EURJPY down 0.7 percent to 131.97 yen and EURGBP at 83.96 pence near a recent 7-1/2 month low.

Sterling held onto gains made against the dollar despite initial concern over the  Bank of England governor Mark Carney’s speech at the Treasury Select Committee today.

The BOE governor did not appear too concerned about rising market rates and this prevented a sell off in the pound. Carney was clear to highlight that once the UK economy reaches 7 percent unemployment, the BoE will assess the appropriateness of higher interest rates.

GBPUSD was flat on the day at $1.5825 recovering from a dip to $1.5785 beforehand.

USDJPY is down 0.5 percent on the day to 99.40 yen. The pair is down from a seven-week high of 100.62 yen hit on Wednesday. Focus will be on U.S. unemployment claims data due in the U.S. session later today.

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