Industrial production remains in the deep freeze, falling 1.5% in March, matching its slide in February. Capacity use fell to a record low of 69.3% suggesting inflation fears are vastly overblown given enormous economic slack in the economy. Output fell 12.8% versus the year-ago level. This is bad, but it compares favorably to Europe.
The dollar has regained its footing today after being out of fashion yesterday. EUR/USD trades at 1.3168. 1.3125 is next support for the single currency; stops lie at 1.3110.
