US manufacturing production flat on the month, industrial output falls
US industrial output in March fell by 0.1%, with manufacturing flat on the month against expectations of a small rise (0.1%). Industrial production was expected to rise by 0.2% after the modest rise in Feb. Manufacturing has been on the softer side of late, with trade policy by the White House clearly not having the positive impact that the administration would have wanted.
No negative impact on the USD however, with prices unmoved across the board. We would have anticipated some activity in USD/JPY, though buyers are still pressing for levels through 112.00 and it seems they are not ready to throw the towel in yet - not with equity markets looking at fresh gains today.
EUR/USD and Cable are notable losers against the greenback today and look set to underperform into the North American session.
We have more significant US data later this week in the form of US retail sales, and we expect this to be a little more influential come the time.