US: Chicago Fed National Activity Index rises to 0.12 in July from -0.33
- Chicago Fed National Activity Index rose to 0.12 in July.
- The US Dollar Index prints daily highs above 103.70 after US economic reports.
The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) rose to +0.12 in July from -0.33 in June (revised from -0.32). The index is back in positive territory after two months.
Key takeaways from the report:
“Production-related indicators contributed +0.18 to the CFNAI in July, up from –0.36 in June. Industrial production increased 1.0 percent in July after decreasing 0.8 percent in the previous month.”
“The contribution of the sales, orders, and inventories category to the CFNAI moved down to –0.05 in July from +0.02 in June.”
“Employment-related indicators contributed –0.02 to the CFNAI in July, down slightly from +0.01 in June.”
Market reaction:
The US dollar weakened after the release of data and also following Durable Goods Orders and Jobless Claims reports. As a result, the DXY (US Dollar Index) gained momentum and broke above 103.80, hitting fresh daily highs.
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
