US: Chicago Fed National Activity Index drops to -0.19 in February vs. 0 expected

Chicago Fed National Activity Index declined more than expected in February.
The US Dollar Index recovers toward 102.50 after the data.

Eren Sengezer FXStreet

The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) declined to -0.19 in February from 0.23 in January. This reading came in weaker than the market expectation of 0.

"The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.02 in February from –0.07 in January," the Chicago Fed noted in its publication. "Thirty-eight of the 85 individual indicators made positive contributions to the CFNAI in February, while 47 made negative contributions."

Market reaction

The US Dollar Index stages a modest rebound in the early American session and was last seen losing 0.12% on the day at 102.40.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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