Germany July industrial production +1.2% vs +4.5% m/m expected

Latest data released by Destatis - 7 July 2020

• Prior +8.9%; revised to +9.3%
• Industrial production -10.0% vs -7.4% y/y expected
• Prior -11.7%; revised to -11.4%

Slight delay in the release by the source. The continued rebound in factory output in July was less robust than expected, and that is likely to keep hopes of a sustained recovery in-check as we look towards the latter stages of Q3.

For now, this isn't going to impact market expectations all too much. As for the euro, just be mindful that large option expiries for EUR/USD at 1.1800-10 today are likely to keep price action more muted with the US on holiday as well.