Forex: U.S. Dollar Goes Weak Amid U.S. Industrial Production Figures
Sun, 24 Apr 2016 15:52:00 +0400
According to the recent report released by the Federal Reserve, the U.S. industrial production slowed down as of March 2016. The drop amounted to 0.6% over the reporting period relative to the previous one, which is February 2016. At the same time those who were interviewed by Bloomberg had expected the industrial production to drop by no more than 0.1%.
As for the U.S. manufacturing industry, it showed the biggest monthly dropped seen over more than the last 12 months. To be more specific, the decline amounted to 0.3%, which was the biggest monthly drop since February 2015, the report says. It should be noted that February's figures were revised from 0.5% to 0.6%.
At the same time, the electricity production is reported to have slowed down its decline. He index dropped by 1.2% over the reporting period relative to the 3.6% seen over the previous 4 weeks.
The mining industry, including the oil industry, showed a 2.9% decline in March 2016 relative to February's 1% drop. At the same time, the companies involved in producing consumer products saw their production drop by 0.4% over the same reporting period. We remind you that the manufacturing sector makes up for some 12% of the entire U.S. GDP.
FOREX
The closest major level of support is 92,55. A break above the top of the descending MF sloping channel as well as MF pivots 96,40 and 98.56 is going to put an end to the existing price move.
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