US: Philadelphia Fed Manufacturing Index slumps to six-month low of 0.3 in December
|- Activity in Philadelphia's manufacturing sector stagnates in December.
- Greenback weakens slightly against its rivals after disappointing data.
The economic activity in the Philadelphia region's manufacturing sector was virtually flat in December, the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey showed on Thursday.
"The diffusion index for current general activity fell 10 points this month to 0.3, its lowest reading in six months," the press release said and this figure missed the market expectation of 8 by a wide margin. "Although they all remained positive, the indicators for general activity and employment declined, while the indicators for new orders and shipments edged higher. The survey’s future indexes indicate that respondents continue to expect growth over the next six months."
This reading seems to have weighed on the greenback with the US Dollar Index falling below 97.40 from the session high of 97.47 in the last minutes.
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