German Industrial Production and Trade Data Deliver EUR Support ahead of U.S NFP Numbers

It was busier Eurozone economic calendar this morning. German industrial production and trade data were in focus going into the European open. Later this morning Eurozone inflation and retail sales figures will also draw attention ahead of U.S nonfarm payrolls.

German Industrial Production

In November, industrial production fell by 0.2%, month-on-month, versus a forecasted 1.0% rise. Production had risen by 2.4% in October.

According to Destatis,

• Production in industry excl. energy and construction was up by 0.2%.
• Within industry, the production of intermediate goods and consumer goods increased by 0.8% each.
• Capital goods production fell by 0.6%, however, weighed by a 3.6% decline in the production of machinery & equipment. Motor vehicles, trailers, & semi-trailers production rose by 4.1%.
• Outside of industry, energy production was down by 4.4%, with production in construction falling by 0.8%.
• Year-on-year, industrial production fell by 2.4%.

German Trade Balance

In November, Germany’s trade surplus narrowed from €12.4bn to €10.9bn. Economists had forecast a widening to €12.8bn.

According to Destatis,

• Month-on-month, exports increased by 1.7%, while imports jumped by 3.3% to €125.7.
• Year-on-year, exports were up 12.1%, while imports rose by 19.3% to €113.7bn.

Trade with EU countries:

• Germany exported goods to the value of €67.9bn to EU member states, while importing goods to the value of €60.4bn.
• Compared with November 2020, exports were up 14.0%, with imports rising by 16.3%.
• To euro area countries, exports were up 14.4%, with imports up 20.9%.

Trade with non-EU countries:

• Exports to third countries were up 10.0% when compared with November 2020.
• Imports increased by 22.8%.

Trade with other selected countries:

• Exports to China fell by 4.2% when compared with November 2020, while exports to the U.S increased by 14.7%.

Market Impact

Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.12901 before rising to a pre-stat high $1.13034.

In response today’s stats, the EUR fell to a post-stat low $1.12982 before rising to a post-stat and current day high $1.13062.

At the time of writing, the EUR was up by 0.03% to $1.13016.

Next Up

Later this morning, French consumer spending and Eurozone inflation and retail sales will be in focus. From the U.S, nonfarm payrolls will be the key stat, of the day, however.