Forexpros – Industrial production in Germany rose significantly more-than-expected in March, gaining for the first time in three months, official data showed on Tuesday.
In a report, Destatis, Germany’s federal statistical office said industrial production rose by a seasonally adjusted 2.8% in March, easily surpassing expectations for a 0.8% increase.
Industrial production for February was revised to a 0.3% decline from a previously reported drop of 1.3%.
German industrial production rose at an annualized rate of 1.6% in March, defying expectations for a 1.2% decline.
February’s figure was revised down to a flat reading from a previously reported drop of 1.0%.
Following the release of the data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.28% to trade at 1.3015.
Meanwhile, European stock markets held on to losses. The EURO STOXX 50 tumbled 1.15%, France’s CAC 40 dropped 1.9%, London’s FTSE 100 declined 0.25%, while Germany’s DAX sank 1%.
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