BREAKING: USD ticks high after industrial production data beat

2:16 PM 16 May 2023

US industrial production reading for April was released today at 2:15 pm BST. Report was expected to show 0.0% MoM in APril - neither growth, nor decline from previous month. Actual data turned out to be much better-than-expected with industrial production coming in at 0.5% MoM. Manufacturing production data also turned out to be a beat while capacity utilization matched estimates.

Industrial production: 0.5% MoM vs 0.0% MoM expected (+0.4% MoM previously)
Manufacturing production: 1.0% MoM vs 0.1% MoM expected (-0.8% MoM previously)
Capacity use: 79.7% vs 79.7% expected (79.8% previously)

While beat in industrial production that was quite large, market reaction was fairly muted. US dollar gained and EURUSD made another attempt at breaking below short-term support at 1.0880.

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Source: xStation5

US industrial production increased 0.5% MoM in April. Source: Macrobond, XTB

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