Euro area: Industrial Production expanded by 2.1% in October vs. 2% expected

• Industrial Production both in the EU and the euro area expanded in October.
• EUR/USD clings to daily gains around mid-1.21s after the data.

Industrial Production in the euro area rose by 2.1% on a monthly basis in October following September's modest growth of 0.1%, the data published by the Eurostat showed. This reading came in slightly better than the market expectation of 2%.

Further details of the publication revealed that Industrial Production in the EU expanded by 1.9%. 

"In the euro area in October 2020, compared with October 2019, production of capital goods fell by 8.2%, nondurable consumer goods by 2.1% and intermediate goods by 1.3%, while production of durable consumer goods rose by 0.3% and energy by 0.1%," the Eurostat further noted in its press release.

Market reaction

The EUR/USD pair showed no immediate reaction to this report and was last seen gaining 0.4% on a daily basis at 1.2159.