Research Team at BBH, notes that Germany today reported shockingly good industrial production data. Key Quotes “Neither last week's factory orders data or the PMI gave investors any reason to expect a 3.3% month-over-month surge in German industrial output in January. Moreover, December's 1.2% slump was revised to only a 0.3% decline. The January jump is the largest since 2009 and the first increase in three months. The details were good. Construction rose 7% , and capital goods production rose 5.3%. Manufacturing rose 3.2%. In contrast, Spain's industrial output slipped 0.1% in the month of January. Spanish economic activity was expected to moderate this year, and the concern is that the prolonged political stalemate may exacerbate the slowdown.” For more information, read our latest forex news.