US: US: Philadelphia Fed Manufacturing Index drops to 19.4 in August vs. 23 expected
|- Philly Fed Manufacturing Index weakened more than expected in August.
- US Dollar Index holds above 93.30 after the data.
The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey dropped to 19.4 in August from 21.9. This reading came in weaker than the market expectation of 23.
Further details of the publication revealed that the New Orders Index improved to 22.8 from 17, the Employment Index edged higher to 32.6 from 29.2 and the Prices Paid Index rose to 71.2 from 69.7. Finally, the Six-month Business Conditions Index declined to 33.7 from 48.6.
Market reaction
These figures don't seem to be having a noticeable impact on the USD's performance against its major rivals. As of writing, the US Dollar Index was rising 0.2% on the day at 93.33.
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.