- Philadelphia Fed Manufacturing Index rose sharply in April.
- US Dollar Index trades modestly higher on the day near 106.00.
The Diffusion Index for current general activity in the Federal Reserve Bank of Philadelphia’s Manufacturing Survey sharply increased to 15.5 in April from 3.2 in March, surpassing market expectations of 1.5 by a significant margin.
In April, the New Orders Index rose by 7 points, while the Current Shipments Index increased by 8 points to 19.1. Additionally, the Prices Paid Index surged from 3.7 in March to 23.0 in April, marking its highest level since December 2023.
According to the publication, “The survey’s indicators for general activity, new orders, and shipments all experienced gains. However, the employment index remained negative. Both price indexes indicate overall price rises. While most future activity indicators declined, they still suggest anticipated growth over the next six months.”
Market reaction
The US Dollar Index edged slightly higher after this data and was last seen rising 0.112% on the day at 105.98.
