FXstreet.com (Barcelona) - U.S. markets are going through minor declines at the opening, following a weaker than expected increase on industrial production, which has arisen doubts about the strength of economic recovery. The Dollar has picked up against its major rivals.
The Dow Jones Industrials Index remains practically unchanged, while the Nasdaq Index dips 0.12%, and the S&P Index edges down 0.17% in the first hour of trading.
On the macroeconomic area, U.S. Industrial production has increased 0.1% in October, a weaker advance than the 0.3% expected and well lower than the 0.6% increase posted in September. Capacity Utilization rose to 70.7% in October from 70.5% in September.
Furthermore, Producer Prices Index increased 0.3% in October, below the 0.6% increase expected, while excluding food an energy, prices declined at a 0.6% pace.
Dollar picks up from lows
EUR/USD rally from 1.4824 has been capped at 1.5000 psychological resistance area and after two unsuccessful attempts, the Euro has dropped more than 150 pips during the day reaching levels around 1.4850 level at the moment of trading.
GBP/USD is holding better than the Euro as Pound's pulldown from 1.6875 high has hold at 1.6750, and the pair has tried to return to levels above 1.6800, trading between 1.6785 and 1.6815 on early U.S. session.
USD/JPY decline from 90.60 has found support at 88.75 so far, and the Dollar has bounced up to 89.40 session high. At the moment of writing the pair trades around 89.25.