Forex News

German industrial production drops for third straight month


German industrial production reported its third straight monthly decline in August, raisig concerns about the growth pace in the third quarter amid the undergoing trade risks.

Output slipped 0.3 percent in August, following a 1.3 percent slide in July, defying analysts’ forecasts of 0.4 percent increase. The drop was driven by a fall in construction activity.

Today’s figures raised growth concerns after factory orders for August released on Friday recorded the second advance this year.

Manufacturing Purchasing Managers’ Index showed a slowdown to the lowest level in more than two years in September.

The German government, which will release its latest growth outlook on Thursday, is predicted to revised down growth projections.  

As of 09:08 GMT, the euro traded lower at $1.1477, erasing rebound attempts over the last two trading sessions.

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