US Philadelphia Fed Manufacturing Index rises to -9 in October vs. -6.6 expected

• Philadelphia Fed Manufacturing Index rose to -9 in October.
• US Dollar Index slides to fresh daily lows under 106.40 after US data. 

The Diffusion Index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey rose to -9 in October from -13.5 in September. This reading came in worse than the market expectation of -6.6. 

“This is the index’s 15th negative reading in the past 17 months. Almost 35 percent of the firms reported decreases in general activity this month, while 26 percent reported increases; 38 percent reported no change”, mentioned the publication. 

Further detail of the report revealed that the Prices Paid index edged down from 25.7 to 23.1; the employment index rose from ‑5.7 to 4.0, its first positive reading since February; and the diffusion index for future general activity edged down from 11.1 to 9.2. 

Market reaction

The US Dollar pulled back after the US Jobless Claims and the Philly Fed reports. The US Dollar Index was down 0.20%, trading at daily lows under 106.40.