Euro area Industrial Production contracts 4.1% in 2019

• Industrial Production decreased more than expected in 2019.
• EUR/USD pair clings to small gains above 1.09 despite dismal data. 

Industrial Production in the euro area declined by 2.1% on a monthly basis in December to drag the annual rate down to 4.1% from 1.7%, the data published by the Eurostat showed on Wednesday. Both of these readings came in worse than market expectations. 

"In the euro area in December 2019, compared with November 2019, production of capital goods fell by 4.0%, intermediate goods by 1.7%, non-durable consumer goods by 1.3%, durable consumer goods by 1.1% and energy by 0.5%," the press release read.

EUR/USD reaction

The EUR/USD pair retreated slightly from session highs and was last seen trading at 1.0919, adding 0.04% on a daily basis.