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Industrial production in Italy remained unchanged during the month of October, slightly missing what markets had earlier anticipated. However, it fell on an annual basis.
Output in the three months to October was still up 1.6 percent compared with the May-to-July period, suggesting Italy's modest economic growth may continue in the last quarter of the year, data released by statistics bureau ISTAT showed Tuesday.
October's flat reading fell short of the median forecast of a 0.2 percent rise projected by a Reuters poll of 18 analysts, and followed a 0.8 percent monthly drop in September. Industrial output fell by around a quarter between 2008 and 2014, and has recovered only a small part of that over the last year.
Further, the data showed that on a work-day adjusted year-on-year basis, output in October was up 1.3 percent, following a 1.9 percent rise in September which was revised up from 1.8 percent reported previously.
Meanwhile, the EUR/USD traded at 1.06, down -0.17 percent, while at 9:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -108.50 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
