German Industrial Production jumps 2.9% MoM in August vs. 0.8% expected

Germany’s industrial sector quickened its pace of expansion in August, the latest data published by Destatis showed on Tuesday.

Industrial output in the Eurozone’s economic powerhouse rose 2.9% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, compared to the expected increase of 0.8%  and a -2.4% drop reported in July.

German Industrial Production declined by 2.7% in the year through August versus July’s -5.3%.

EUR/USD reaction to the German Industrial Production data

The improvement in the German industrial sector fails to offer a fresh boost to Euro buyers, as EUR/USD continues to hold higher ground near 1.0985. The pair is up 0.10% on the day, at the press time.