US: Industrial Production contracts by 0.2% in November vs. +0.1% expected

• Industrial Production in the US continued to contract in November.
• US Dollar Index continues to push lower toward 103.50. 

Industrial Production in the US declined by 0.2% on a monthly basis in November, the Federal Reserve reported on Thursday. This reading followed October's 0.1% contraction and missed the market expectation for an expansion of 0.1%.

Further details of the publication revealed that the Capacity Utilization rate declined modestly to 79.7% from 79.9% in October.

Market reaction

The US Dollar Index stays on the back foot and continues to edge lower toward 103.50. The sharp increase seen in the EUR/USD pair, however, seems to be weighing heavily on the index rather than these data.