· Strong rise in US industrial production for December
· Prior reading revised lower however
· USD looking for first daily gain in a week
On a quiet afternoon of economic data from the US the latest industrial production figures have provided a positive reading. The data form December showed a rise of 0.9% M/M, well above the 0.4% expected. However the prior reading of 0.2% was revised lower to -0.1% to leave it as only the 3rd negative print of the year and providing a boost to the most recent data.
The latest industrial production figure showed an increase but it still lags the ISM manufacturing data.
The US dollar is trading higher on the day, but it has fallen back a little as the US session has begun despite the data beat. A series of large declines have weighed on the USD index last week and this morning it reached its lowest level since 2014. The market may be attempting to start a recovery today after 5 consecutive days of lower closes but on longer term time frames price has made a fairly significant break lower in falling below the 91 handle.
The USD/IDX remains in a clear long term downtrend channel despite moving higher today.