Release Explanation: Measures of the total value of the output from mines, industrial factories and utilities is in the Industrial read. High production numbers usually denote an economy in an upward trend, or growth period. These reports are reactive to change and are well respected.

Trade Desk Thoughts: Industrial production fell in January, in the Euro-area by 3.5%, less than what the market had expected. Compared with one year ago, industrial production is down by 17.3%, from 12.0% in December, reaching 2000 levels.

Monthly data shows that energy production fell by 1.6%, and is down by 2.9% from one year ago; intermediate goods decreased 3.6% and are off by 24.4% year-over-year; non-durable consumer goods fell 1.1% from one month earlier, while durable consumer goods tumbled 2.6% in January from December, and are down by 18.0% from January 2008.

For a consecutive second month, industrial production is down in all of the sixteen euro-area countries, in February. Compared with one year ago, industrial production took a strong hit both in the Euro-area and in the Euro-zone. Annual data shows that the largest decreases were registered in Estonia (-26.8%), Latvia (-23.9%), Sweden (-21.1) and Hungary (-21.0%).

Forex Technical Reaction: The euro had a limited reaction to the news release. The pair is trading near the Asian opening price, after testing the high reached on Tuesday, during the London open.