Industrial Production y/y (CNY) comes in at 4.5% against 4.9% consensus

Industrial Production year over year in China was reported at 4.5%. This figure came in below the consensus estimate of 4.9% and was also a decrease from the previous reading of 5.3%. The actual print represented an -8.2% surprise compared to the consensus forecast.

USDCNH moved -1.1 pips in the 5 minutes following the release and was up +0.1 pips 15 minutes after the data. One hour after the release, USDCNH was trading +6.6 pips higher. For context, the median 1-hour move for USDCNH after past Industrial Production releases has been 12 pips, with top-quarter releases moving 15 pips or more. The observed 1-hour move of +6.6 pips is smaller than the median historical movement. Directional reliability statistics are not yet available for this series.