Euro area Industrial Production rose by 2.3% in January vs. 1.4% expected

• Industrial Production increased more than expected in the euro area in January.
• EUR/USD continues to edge lower as focus remains on ECB.

Industrial Production (seasonally adjusted) in the euro area rose by 2.3% on a monthly basis in January following December's decline of 1.8%, the data published by the Eurostat showed on Thursday. This reading came in better than the market expectation of +1.4%.

Further details of the report revealed that Industrial Production contracted by 1.9% on a yearly basis.

Market reaction

Despite the upbeat data, the shared currency continues to weaken against its major rivals ahead of the European Central Bank's monetary policy announcements. As of writing, the EUR/USD pair was down 0.3% on the day at 1.1235.