EU: Industrial Production contracts by 1.6% in August as expected

• Industrial Production in the euro area declined sharply in August as expected.
• EUR/USD continues to trade in the positive territory above 1.1550.

Industrial Production in the euro area and the EU contracted by 1.6% and 1.5%, respectively, on a monthly basis in August as expected, the data published by Eurostat revealed on Wednesday. In the meantime, July's expansion of 1.5% got revised lower to 1.4%. 

"In August 2021 compared with August 2020, industrial production increased by 5.1% in the euro area and by 5.3%
in the EU," the publication further revealed. 

Market reaction

Market participants largely ignored these figures. As of writing, the EUR/USD pair was up 0.25% on a daily basis at 1.1556.