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

Eurozone’s economic powerhouse’s Industrial Output dropped 1.5% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. -0.4% expected and -0.1% previous.

The annual German Industrial Production declined by 1.7% in June versus a 0% figure seen in May.

FX implications

The shared currency is holding lower ground below 1.1000 against the US Dollar following the downbeat German industrial figures. The pair is shedding 0.25% on the day, as of writing.