US: Industrial Production contracts by 0.1% in October

• Industrial Production in the US contracted modestly in October.
• US Dollar Index stays in negative territory above 106.00.

Industrial Production in the United States (US) contracted by 0.1% on a monthly basis in October, the US Federal Reserve announced on Wednesday. This reading followed September's increase of 0.1% and came in worse than the market expectation for an expansion of 0.2%.

"Capacity utilization decreased 0.2 percentage point in October to 79.9%, a rate that is 0.3 percentage point above its long-run (1972–2021) average," the publication further read.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.32% on the day at 106.23.