Industrial Production in Germany declined more than expected in March, the official data showed on Monday, suggesting that the manufacturing sector activity is deteriorating further.

Eurozone’s economic powerhouse’s Industrial Output dropped by 3.4% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. -1.0% expected and 2.1% prior.

On an annualized basis, German Industrial Production arrived at 1.8% in March versus a 0.6% figure booked in February and -0.5% market expectations.

FX implications

The shared currency is keeping its renewed upside intact at around 1.1040 on the mixed German industrial figures. The pair is adding 0.20% on the day, as of writing.