Euro remains steady above 1.1610 despite weak German Industrial Production data
The Euro (EUR) trades flat against the US Dollar (USD) on Monday, hovering just above 1.1610 at the European session opening, following a reversal from the 1.1640 area last week.
On Monday, the Euro held steady around 1.1610 despite weaker-than-expected German Industrial Production data, which fell 1.1% in July, below market expectations of a 0.3% increase. The June figure was revised down to 0% from the previous 0.2% rise. Year-over-year, German factory output contracted 1.6% in July, down from -0.5% in June.
The Eurozone's final GDP is expected to show a 0.4% growth in the second quarter on an annual basis and 1.1% from the same period last year. The European Central Bank (ECB) is widely expected to raise its benchmark interest rate to 2.25% during its monetary policy decision on Thursday. Meanwhile, US markets remain closed for Labor Day, potentially limiting volatility in the currency markets.
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