Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Industrial production came in stronger than expected in July at +0.6% M/M (cons +0.3%) after -0.2% in June, and with a similar bounce seen in the manufacturing component.
- It should be a welcome boost after recent business survey weakness including the ISM manufacturing survey edging lower to a pandemic recovery low of 52.8 in July and with initial evidence from the NY Fed Empire State survey suggesting further, much sharper weakness ahead in August.
- In signs of continued supply side pressures, capacity utilisation of 80.3% (cons 80.2%) meanwhile poked to a new post-pandemic high. In unrounded terms at 80.27, it’s just off a high of 80.31 last seen in Aug’18 and prior to that not seen since 2008.
- Treasuries have largely held put with this release as it helped stabilise a quick 2.5bp rally ahead of the data for still +3.5bps on the day in a whippy session that earlier saw a sizeable miss for housing starts (-9.6% vs -2.0% expected) albeit with a positive revision and with a lesser blow to building permits.
US capacity utilisationSource: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok