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As reported by Eurostat, Euro zone industrial production is down -0.3% in September, compared to August 2015. In August, industrial production was down by -0.4%. However compared to a year ago, industrial production is still up 1.7% in September.
- Largest rise in industrial production occurred in Slovakia (2.2%), while largest drop was registered in Ireland (-2.4%), followed by Lithuania (-2.3%) and Greece (-1.9%).
- Drop in durable consumer goods by -3.9%, non-durable consumer goods by -1% and capital goods by -0.3% from August led to this drop, while production in intermediate goods and energy provided upside support.
This set of weak data increased the likelihood that European Central Bank (ECB) as suggested will expand its monetary policies in December meeting, though actual adjustment to purchase might not occur until few months more.
Euro, which is showing a bit of resilience around 1.07 is likely to drop further and drop to parity is very much likely if FED moves ahead with a rate hike in December meeting.
