Industrial Production in Germany rebounded in April, the official data showed on Wednesday, suggesting that the manufacturing sector could be on the road to recovery.

Eurozone’s economic powerhouse’s Industrial Output rose 0.3% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. 0.6% expected and -2.1% prior.

The annual German Industrial Production arrived at 1.6% in April versus a 1.2% figure recorded in March and 2.3% market expectations.

FX implications

The shared currency is trading on the back foot below 1.0700 against the US Dollar following the mixed German industrial figures. The pair is losing 0.08% on the day, as of writing.