Industrial production in the single currency bloc dipped by 0.30% from January, the European Union's statistics office Eurostat said Tuesday. However, on a year-on-year basis, it rose 1.20%. Both figures were below the consensus market expectation of increases of 0.10% for the month and a 2.00% percent rise from the year ago. January's output numbers were also lowered.
At the national level, German industrial production grew by 0.80% from January, while France and Spain recorded declines of 1.60% and 0.30% respectively. The tepid output figures contrast a strong Markit PMI reading and better than expected investor sentiment data from the Frankfurt based Sentix Research Group. EURUSD is range bound in early Wednesday trading, with the pair hovering around the 1.0600-mark.