Latest data released by Istat - 17 July 2018
- Prior -1.3%; revised to -0.6%
- Industrial orders NSA +4.9% y/y
- Prior +6.4%; revised to +7.2%
- Industrial sales +1.7% m/m
- Prior +0.3%; revised to +0.2%
- Industrial sales WDA +5.0%
- Prior +4.0%; revised to +3.9%
Relatively solid readings and the revisions were strong for factory orders. I would say it is a solid report, but one that offers very little to the euro given that it is a lagging data point - and not as important as the German factory activity.
Nonetheless, a welcome piece of data surely by the ECB. EUR/USD continues to sit near the highs at 1.1732 currently. EUR/JPY is at 131.79, in a similar position. While EUR/GBP is at 0.8861 also sitting near the highs as sterling gives up some gains ahead of the data later.
