Fed Industrial Production y/y comes in at 1.1% against 0.5% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
The Fed Industrial Production y/y for July 2026 was released at 1.1%. This figure came in significantly above the consensus estimate of 0.5%, representing a 120.0% surprise against expectations. The previous month’s reading was 1.7%.
Following the release, market reactions across major USD pairs and gold were generally subdued in the initial 15 minutes. EURUSD moved -4.3 pips, while USDCAD saw a -4.6 pips change. GBPUSD registered a minor gain of +0.7 pips, and NZDUSD was up +1.7 pips. AUDUSD moved -0.3 pips, USDCHF was down -0.6 pips, and USDJPY gained +0.5 pips. Gold, XAUUSD, moved -28 pips. These moves are relatively small when compared to the typical median 1-hour moves observed after past releases, which range from 7 pips to 12 pips for the currency pairs and 38 pips for XAUUSD.