With the start of the year, the data proves the turning point for the euro area's recovery, where figures today confirmed the rebound in industrial production in January by 0.3% on the month following the initial reported drop of 0.1% which was also revised inline with January's rate and expectations of 0.3%. On the year production rose 6.6% dowm from the revised previous of 8.8% from 8.0% and above the expected 6.5%.

The data is positive yet offset by the building negativity in the market and uncertainty over the outlook with debt woes, inflationary pressures, Middle East unrest, and Japan's disaster which distracts the attention from the overdue data towards the buidling downside pressures amid expectations for slowing global demabd which will affect production and exports from the area as the euro holds firm for now.