German industrial production rose 2.9% in August, compared to 0.8% expected

Germany’s industrial sector accelerated its pace of expansion in August, the latest data published by Destatis showed on Tuesday.

Industrial production in the eurozone economic powerhouse rose 2.9% on month, federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, compared with an expected 0.8% rise and a -2 decline. 4% reported in July.

German industrial production fell 2.7% in the year to August, down from -5.3% in July.

EUR/USD reaction to German industrial production data

Improvement in the German industrial sector fails to provide fresh impetus to Euro buyers as EUR/USD continues to hold higher ground near 1.0985. The pair is up 0.10% on the day as of press time.