10:06 AM EDT, 06/18/2024 (MT Newswires) -- The US dollar steadied near intraday lows against major trade partner currencies on Tuesday after Federal Reserve data showed industrial production rising strongly in May following a sharp uptick in manufacturing activity.

EUR/USD and GBP/USD ebbed from session highs near 1.0734 and 1.2702, respectively, while USD/JPY and USD/CAD steadied around 157.73 and 1.3730, respectively, after industrial production numbers beat expectations for May.

Industrial production rose 0.9% in May following an unchanged reading in April when the consensus suggested a 0.3% increase was likely. This led the YoY increase to rise to 0.4% in May following a 0.4% contraction in April.

Growth was aided by the manufacturing sector where production increased 0.9%, more than reversing a 0.4% contraction from April and topping the consensus for a 0.3% increase. Production was up 0.1% year-over-year, following a 0.5% decline in April.

Meanwhile, the Federal Reserve's index for mining increased 0.3% month-over-month in May, while the index for utilities rose 1.6%. Capacity utilization was up to 78.7% in May, from 78.25 previously, which was around 0.9% above its long-term average.

Most major US dollar exchange rates steadied following the report after coming under pressure earlier in the session when Census Bureau estimates of retail sales underwhelmed expectations for June.