Eurozone January industrial production -3.2% vs -1.5% m/m expected

• Prior +2.6%; revised to +1.6%

Looking at the details, production of intermediate goods (+2.6%) and energy (+0.5%) were seen up on the month. But they were offset by declines in capital goods (-14.5%) especially alongside durable consumer goods (-1.2%) and non-durable consumer goods (-0.3%). The steep drop in the capital goods production comes after a surge higher in December, mostly from Ireland as noted here at the time. So, the fall in January is mostly some normalisation on that part.

This article was written by Justin Low at www.forexlive.com.