Germany Industrial Production m/m comes in at 2% against 0% consensus

Germany’s Industrial Production m/m for October was released at 2%. This figure significantly exceeded the market consensus expectation of 0%. The previous month’s reading was -1.1%.

Following the release, the Euro saw a measured reaction against major currencies. EURAUD declined 4.3 pips 15 minutes after the release, while EURCAD fell 10 pips. EURCHF was down 4.6 pips, and EURGBP moved lower by 1.5 pips. EURJPY decreased 7.8 pips, EURNZD dropped 6.0 pips, and EURUSD saw a 5.9 pip decline. These initial moves are generally smaller than the median 1-hour moves observed after past releases for these pairs. For instance, EURUSD typically sees a median 1-hour move of 6 pips, and EURCAD a median 1-hour move of 7 pips.