Euro-Zone industrial output continues to decline

Industrial production in the euro-zone fell 1.2% from September to October, worse than the median forecast of a 1.0% contraction. On an annualised basis, industrial output slumped 5.3% in the 12 months to October, the sharpest decline in 15 years. This was much worse than the median forecast of a 3.8% decline. EUR/USD has slipped back to 1.3300 at writing. Despite all the ECB rhetoric of late, when you see economic numbers like this it’s hard to rule out a further ECB rate cut in January.