Industrial production falls 0.5%, capacity use 69.1%

Industrial production fell 0.5% in April versus expectations for a 0.6% decline. Capacity use fell less than forecast, to 69.1% vs a consensus 68.6%. It is still a record low capacity use level and belies the notion of inflation erupting anytime soon (as does the unemployment rate).

EUR/USD is rangebound at 1.3550 amid offers at 1.3565 and bids at 1.3510.