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Germany announced a 2.4% increase in industrial production in June, whereas analysts were expecting an increase of only 0.3%. And we should keep in mind that the sector contracted by 0.8% in May. This report gave the EUR/USD a large boost, as Germany is the strongest economy in the eurozone.
It was reported that Spanish government bonds have delivered returns double that of their Italian equivalents, which tells us that investors feel confident that the Spanish economy will recover ahead of the Italian economy. Given the collapse of the Spanish property market, many economists had thought Italy would be in a better position.
The euro had been trading lower versus the US dollar overnight, as two members of the Federal Reserve stated the bond-buying programme could be tapered as early as next month. Dennis Lockhart and Richard Fisher both stated the Fed could trim its stimulus package before the end of the year, and suggested it could even be curtailed as early as September. There are still no defined rules or schedules, but traders will be watching US economic updates to anticipate the Fed’s next move.