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The TD Securities (TDS) analysts offer a sneak peek at what to expect from Monday’s German industrial production data due to be released at 0600 GMT.

Key Quotes:

“EUR  We look for German IP to contract by 1.0% m/m in May (mkt +0.3%), in line with the downside we saw to factory orders last week.

After the steep -1.9% fall that we already saw in April IP (and -2.5% in manufacturing production), that would set up for a very ugly Q2 print, and potentially the largest contraction in quarterly IP since Q4 2012, toward the tail-end of the Eurozone crisis. “