Eurozone Industrial Production contracts by 2% in October vs. -1.5% expected

• Industrial Production in the euro area and the EU contracted in October.
• EUR/USD stays in positive territory above 1.0650 after the data.

The data published by Eurostat revealed on Wednesday that Industrial Production in the euro area and the EU contracted by 2% and 1.9%, respectively, on a monthly basis in October. The market expectation was for a 1.5% decline in the euro area's production.

When compared to October 2021, Industrial Production in the euro area grew by 3.4%, down from the 5.1% expansion recorded in September.

"In the euro area in October 2022, compared with September 2022, production of energy fell by 3.9%, durable consumer goods by 1.9%, intermediate goods by 1.3% and capital goods by 0.6%, while production of non-durable consumer goods rose by 0.3%," the publication further read.

Market reaction

EUR/USD showed no immediate reaction to these figures and was last seen rising 0.27% on the day at 1.0658.