Tuesday 16th November 2021 - 14:30 (GMT)
Figures released by the Federal Reserve have shown US industrial production picked up over October following two consecutive months of decline. The latest readings showed production increased by 1.6% - easily outperforming the 0.7% consensus and significantly higher than Septembers unexpected fall of 1.3%.
The biggest gains were found within the auto sector which showed signs of recovery following recent semiconductor shortages, whilst the colder weather saw increased demand for heating and utilities output. Mining production also picked up as shuttered facilities came back online following the devastating impact of Hurricane Ida in September.
Elsewhere, figures released by the US Census Bureau earlier today showed retail sales surged 1.7% over October - the biggest increase since March and a possible indicator that consumers are preparing for their holiday season earlier than anticipated.
USD immediately moved higher following the news as both bullish readings increase the likelihood of interest rates moves by the Federal Reserve next month.
Attentions now turn to tomorrows inflation figures out of the UK and EU, with both expected to have an influence over upcoming interest rate decisions by their respective central banks.
