German Industrial Production Slows Down and US Dollar Gains

By  | 

NEW YORK (AFP) – The dollar climbed against the euro and the british pound on Wednesday as industrial production slowed in Germany, adding to anxieties of a drop in growth in Europe s biggest market.

Investors were also expecting a verdict due Thursday from the European Central Bank on interest rates.

Towards 2100 GMT, the euro was at $1.1242, down from $1.257 the day before, and the british pound purchased $1.3340, down from $1.3442.

But the dollar weakened against the yen, worth 101.73 yen, down from 101.99 on Thursday.

In Germany, industrial production was 1.5 percent lower than during the preceding month, the national statistics office Destatis said.

“Against the euro the dollar managed to grind slightly higher given the poor German factory data immediately,” said Omer Esiner of Commonwealth Foreign Exchange.

“At the exact same time we’ve got an European central bank assembly tomorrow. We’re not anticipating any major changes towards policy yet there’s a danger they could expand the quantitative easing system a bit farther efficiently giving the bank slightly more hours to continue its strength purchases.”


Leave a Reply

Your email address will not be published. Required fields are marked *