Euro and Sterling are firm against dollar after release of solid factory data. German factory orders rose 3.8% mom in June.
UK industrial production rose 0.3% mom, 1.2% yoy in June while manufacturing production rose 1.9% mom, 2.0% yoy.
UK BRC sales monitor rose 2.2% yoy in July. Also, Italian GDP contracted for the eighth consecutive quarter in Q2, by -0.2% qoq. But that was better than expectation of -0.4%.
The data added to confidence that the worst is over for Italy and recession is slowly bottoming out. Latest projections from Bank of Italy showed forecast that the economy would eventually grow in Q4 and as a whole, GDP would contract by -1.9% this year. However, economists warned that confidence is still fragile and political uncertainties could derail the recovery.
UK industrial production rose 0.3% mom, 1.2% yoy in June while manufacturing production rose 1.9% mom, 2.0% yoy.
UK BRC sales monitor rose 2.2% yoy in July. Also, Italian GDP contracted for the eighth consecutive quarter in Q2, by -0.2% qoq. But that was better than expectation of -0.4%.
The data added to confidence that the worst is over for Italy and recession is slowly bottoming out. Latest projections from Bank of Italy showed forecast that the economy would eventually grow in Q4 and as a whole, GDP would contract by -1.9% this year. However, economists warned that confidence is still fragile and political uncertainties could derail the recovery.
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