November 7, 2012 / 11:17 AM / 5 years ago

Euro pares gains after German industry output data

LONDON, Nov 7 (Reuters) - The euro pared gains on Wednesday after data showed a bigger-than-expected drop in German industrial output, raising concerns about the problems facing Europe’s largest economy.

The euro fell to $1.2823 from around $1.2842 before the data, with traders saying stop loss sell orders were triggered on the break below $1.2825. However, it remained just in positive territory, trading up 0.1 percent on the day.

German industrial output dropped by 1.8 percent on the month in September, coming in well below the mid-range forecast in a Reuters poll of 37 economists for a 0.5 percent fall. It followed figures showing a steep drop in industrial orders on Tuesday.

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