The US Industrial Production jumped a solid 0.9% in October as factory activity recovered from the impact of Hurricanes Harvey and Irma (consensus: 0.5%). New light for the expected growth rate for the fourth quarter threw a massive jump in factory production (1.3% m/m, consensus: 0.6%) which was recorded at its seven-year high. Mining activity slipped 1.3% in October as Hurricane Nate caused a brief decline in oil and gas drilling. Production at utilities rose 2.0%.
Maintaining these trends will lead to an increase of the US economy by 3.5% annualized GDP growth. Over the past 12 months, manufacturers have added 156,000 jobs. That's the strongest annual growth since the middle of 2015.
Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The market violated the golden trend line and it is currently trading below it at the level of 93.67. The nearest technical resistance is seen at the level of 94.07 and the nearest technical support is seen at the level of 93.39. It is worth to notice, that the sequence of the higher lowe had been terminated as the low at the level of 93.39 is lower than the previous low at 93.50.
