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Italy industrial orders slip -2.9 pct m/m, fall more-than-expected in January

Italy's seasonally adjusted industrial orders fell 2.9 percent month-on-month in January, after rising 3 percent in December, data released by national statistics office ISTAT showed on Tuesday. New industrial orders were up 8.6 percent in unadjusted year-on-year terms after a 0.9 percent fall the previous month, ISTAT data showed.

Industrial sales fell a seasonally adjusted 3.5 percent month-on-month after a revised 2.5 percent rise in December, and were up a work-day adjusted 1.5 percent year-on-year.

Industrial output for January, published by ISTAT earlier this month, posted a bigger than expected fall. Italy's industrial output fell 2.3 percent month-on-month in January raising doubts over the health of the euro zone's third largest economy. The drop in January came after an unexpectedly strong 1.4 percent rise in December and was larger than the decline of 0.8 percent forecast in a Reuters' poll.

Italian industrial output has a close correlation with gross domestic product (GDP), which rose 0.9 percent in 2016 and is predicted to grow by a similar amount this year, according to a Bank of Italy forecast.

The euro was relatively unfazed after the data. EUR/USD was trading largely rangebound on the day at 1.0850 at around 16:00 GMT. Upside finds stiff resistance at 1.0882 (200-DMA). We see further upside only on break above 200-DMA. Technicals for now also do not show any concrete signs of reversal.

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