French industrial output bounces
Industrial output in May grew by 2.6% in France, at odds with market expectations of a 0.1% decline. The French finance ministry stated that this "confirms the industrial sector has bottomed out" as companies seek to rebuild stock levels following the economic downturn over winter.
However some economists claim talk of recovery is premature as the construction sector noted further declines, falling 0.3% from its April figures. Yet the rise in industrial production levels bodes well for second quarter European GDP figures and could contribute to greater euro sentiment in terms of currency exchange rates.
The current euro exchange rate is falling against the US dollar and pound, trading at 1.38 and 0.85 respectively.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.