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Industrial production in France unexpectedly fell during the month of October, defying expectations of a rise. It fell for the second month in a row as manufacturing output continued to decline and agricultural production fell.
France’s industrial production dropped 0.2 percent month-on-month in October, confounding expectations for an increase of 0.6 percent, data released by the statistical office Insee showed Friday. This was the second consecutive decrease in production. However, the pace of decline was slower than September's 1.4 percent decline.
Similarly, manufacturing output slid 0.6 percent in contrast to the expected 0.7 percent increase. Production had decreased 1.4 percent in September. The decline was largely caused by a 4.7 percent fall in machinery output and a 2.2 percent drop in transport equipment production.
On the other hand, construction output advanced 2.1 percent, reversing prior month's 1.7 percent decline. In the third quarter, industrial and manufacturing output grew 0.7 percent and 0.8 percent, respectively, the agency said.
Meanwhile, the EUR/USD traded at 1.06, down -1.06 percent, while at 9:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -125.24 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
