BREAKING: USD gains after miss in industrial production data

US industrial production report for April was released today at 2:15 pm BST. Report was expected to show small increases in industrial and manufacturing production on a monthly basis, as well as no change to capacity utilization compared to the previous month.

Actual report turned out to be a disappointment, with industrial production coming in flat compared to a month ago and manufacturing production unexpectedly dropping. Capacity utilization remained unchanged at 78.4%, in-line with economists' expectations. As this report is considered a second-tier release, no major market reaction could be spotted. USD moved slightly higher, triggering a small drop on EURUSD. 

US, industrial production report for April

• Industrial production: 0.0% MoM vs 0.1% MoM expected (0.4% MoM previously)
• Manufacturing production: -0.3% MoM vs 0.1% MoM expected (0.5% MoM previously)
• Capacity utilization: 78.4% vs 78.4% expected (78.4% previously)

EURUSD deepened ongoing drop after US industrial production data and moved to fresh daily lows. Source: xStation5