US: Philly Fed Manufacturing Index jumps to 36.7 in February vs. 12 expected
|- Manufacturing activity in Philadelphia region gathers momentum in February.
- US Dollar Index clings to daily gains below 100 after upbeat data.
The economic activity in the manufacturing sector of the Philadelphia region expanded at a strong pace in February with the headline Diffusion Index of the Philly Fed's Manufacturing Business Outlook Survey jumping to 36.7 from 17 in January. This reading, which is the highest since February 2017, also beat the market expectation of 12 by a wide margin.
"The index for new orders increased 15 points to 33.6, its highest reading since May 2018," the publication read. "The survey’s current employment index remained positive but moderated this month. The survey’s future indexes indicate that respondents continue to expect growth in manufacturing activity over the next six months.
USD reaction
Despite the upbeat data, the US Dollar Index struggled to gain traction and was last up 0.25% on the day at 99.84.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.