US: Industrial Production stays unchanged in January vs. +0.5% expected

• Industrial Production in the US remained unchanged on a monthly basis in January.
• US Dollar Index clings to strong daily gains at around 104.00.

Industrial Production in the US unchanged in January following December's 1% contraction, the US Federal Reserve reported on Wednesday. This reading came in weaker than the market expectation for an increase of 0.5%.

"In January, manufacturing output moved up 1.0% and mining output rose 2.0% following two months with substantial decreases for each sector," the Fed further noted in its publication. "Capacity utilization declined 0.1 percentage point in January to 78.3%, a rate that is 1.3 percentage points below its long-run (1972–2022) average."

Market reaction

The US Dollar preserves its strength after this report and the US Dollar Index was last seen rising 0.65% on the day at 103.95.