- Philly Fed Manufacturing Index fell at a stronger pace than expected in May.
- US Dollar Index continues to fluctuate around 90.00 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 31.5 in May from 50.2 April. This reading missed the market expectation of 43 by a wide margin.
Further details of the publication showed that the New Orders Index edged lower to 32.5 from 36 and the Employment Index declined to 19.3 from 30.8. Additionally, the Prices Paid Index jumped to its highest level since the 1970s at 76.8 in May from 69.1 in April.
Market reaction
This report doesn’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 losing 0.2% on the day at 90.00.
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