German Industrial Output Falls More than Expected in July (FXE) (EWG)
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The euro is on watch Friday as Germany's industrial output saw a larger-than-expected tumble in July.
According to the Economy Ministry in Berlin, German industrial output fell an adjusted 1.7 percent in July, reversing a revised 2.0 percent gain in June. Economists were looking for a dip of just 0.5 percent. Adjusted for working days, industrial output fell 2.2 percent.
German exports fell 1.1 percent in July after adjusting for working days, while economists were looking for a gain of 0.7 percent.
Germany is the largest country in terms of GDP in the 17-nation currency bloc. The country's economy expanded 0.7 percent last quarter after a largely flat results during Q1. This week, the Organization for Economic Cooperation and Development (OECD) boosted its outlook for Germany GDP growth in 2013 from 0.4 percent up to 0.7 percent.
Despite the hiccup, Germany still has an unemployment rate at 6.8 percent, a two-decade low for the country.
In early trading, the euro is down modestly to $1.3109. Traders will also keep an eye on iShares MSCI Germany Index (NYSE: EWG) ETF, Vanguard FTSE Europe ETF (NYSE: VGK), and CurrencyShares Euro Trust (NYSE: FXE).
According to the Economy Ministry in Berlin, German industrial output fell an adjusted 1.7 percent in July, reversing a revised 2.0 percent gain in June. Economists were looking for a dip of just 0.5 percent. Adjusted for working days, industrial output fell 2.2 percent.
German exports fell 1.1 percent in July after adjusting for working days, while economists were looking for a gain of 0.7 percent.
Germany is the largest country in terms of GDP in the 17-nation currency bloc. The country's economy expanded 0.7 percent last quarter after a largely flat results during Q1. This week, the Organization for Economic Cooperation and Development (OECD) boosted its outlook for Germany GDP growth in 2013 from 0.4 percent up to 0.7 percent.
Despite the hiccup, Germany still has an unemployment rate at 6.8 percent, a two-decade low for the country.
In early trading, the euro is down modestly to $1.3109. Traders will also keep an eye on iShares MSCI Germany Index (NYSE: EWG) ETF, Vanguard FTSE Europe ETF (NYSE: VGK), and CurrencyShares Euro Trust (NYSE: FXE).
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