US: Industrial Production contracts 0.5% in June vs. 0% expected

• Industrial Production in the US continued to decline in June.
• US Dollar Index stays in daily range below 100.00 after the data.

Industrial Production in the US contracted 0.5% for the second straight month in June, the US Federal Reserve reported on Tuesday. This reading came in weaker than the market expectation for a no-change. 

"Manufacturing output moved down 0.3% in June but rose 1.5% in the second quarter," the press release further read. "Capacity utilization stepped down to 78.9% in June, a rate that is 0.8 percentage point below its long-run (1972–2022) average."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen trading flat on the day slightly below 100.00.