Investing.com – Industrial production in the U.S. rose more than expected in April, nearly doubling the forecast increase and bolstering optimism over the health of the economy, official data showed on Tuesday.
In a report, the Federal Reserve said that industrial production increased 1.0% in April from the previous month, above expectations for a 0.4% rise and compared to a gain of 0.4% in March that was revised down from an initial 0.5% advance.
Meanwhile, manufacturing production increased by a seasonally adjusted 1.0% last month, better than forecasts for a 0.3% rise and following a drop of 0.4% in March.
The report also showed that the capacity utilization rate, a measure of how fully firms are using their resources, rose to 76.7% in April from 76.1% a month earlier. Analysts had expected an increase to just 76.3%.
After the report, EUR/USD traded at 1.1071 compared to 1.1076 before the release, GBP/USD was at 1.2895 from 1.2902 earlier, while USD/JPY was at 113.52 from 113.40 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 98.22, compared to 98.18 previously.
Meanwhile, U.S. stock futures pointed to a slightly higher open. The Dow futures gained 52 points, or 0.25%, the S&P 500 futures advanced 5 points, or 0.21%, while the Nasdaq 100 futures rose 14 points, or 0.24%.
Elsewhere, in the commodities market, gold futures traded at $1,235.08 compared to $1,234.78 ahead of the data, while crude oil traded at $49.23 a barrel from $49.24 earlier.