Paolo Pizzoli, senior economist at ING, notes that Italy’s July Industrial production data turned out softer than expected as the seasonally-adjusted measure contracted by 0.7% month-on-month (-0.2% MoM in June) and the working day-adjusted version was also down 0.7% year-on-year, posting the fifth contraction in a row. Key Quotes “The monthly contraction was broad based, with all the big aggregates except energy in negative territory, and was particularly marked (-1.6% MoM) in the key investment goods segment.” “Looking ahead, the combined reading of business confidence and manufacturing orders data does not validate hopes for a short-term rebound in production. Order data has been deteriorating recently, more clearly in the foreign component, which is apparently bearing the brunt of international headwinds.” “We are currently anticipating another flat GDP quarter in 3Q19 and flat GDP growth for the whole of 2019, and we tentatively stick to this call. However, after today’s production data, the risks seem to lie to the downside. Should production weakness be confirmed in the Aug-Sep readings, the chances of inventory-driven support to quarterly growth would likely evaporate.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD struggles to break through 0.6440-45 horizontal resistance FX Street 4 years Paolo Pizzoli, senior economist at ING, notes that Italy's July Industrial production data turned out softer than expected as the seasonally-adjusted measure contracted by 0.7% month-on-month (-0.2% MoM in June) and the working day-adjusted version was also down 0.7% year-on-year, posting the fifth contraction in a row. Key Quotes "The monthly contraction was broad based, with all the big aggregates except energy in negative territory, and was particularly marked (-1.6% MoM) in the key investment goods segment." "Looking ahead, the combined reading of business confidence and manufacturing orders data does not validate hopes for a short-term rebound in production. Order… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
