In the United States, Industrial Production YoY measures the percentage change in the output of the industrial sector compared with the same period one year earlier. This indicator primarily reflects manufacturing activity, which constitutes the largest portion of industrial production, and is closely monitored as a measure of economic performance and capacity utilization.
A higher than expected figure should be seen as positive (bullish) for the USD while a lower than expected figure should be seen as negative (bearish) for the USD.