Industrial Production y/y (CNY) comes in at 5.3% against 5.1% consensus

China’s Industrial Production year over year was reported at 5.3%. This figure came in above the consensus expectation of 5.1%. The actual print represented a 3.9% positive surprise compared to the consensus forecast. The previous month’s Industrial Production reading was 4.5%.

The USDCNH pair showed a measured reaction following the release. Five minutes after the data, USDCNH was down 3.7 pips. Fifteen minutes after the release, the pair was up 14 pips. This 14 pip move exceeded the median one hour move of 12 pips observed after past Industrial Production releases. For context, top quarter releases have seen moves of 12 pips or more. Direction reliability statistics are not yet available for this series.