- The Richmond Fed Manufacturing Index rose modestly in July.
- The US dollar index struggles to make a rally after the data.
The Federal Reserve Bank of Richmond Manufacturing Index it improved to 27 in July from 26 in June. This figure exceeded the market expectation of 20.
Highlights from the press conference
“Manufacturers were optimistic that business conditions would improve further in the coming months.”
“The survey results indicated that many companies increased employment and wages in July, but had difficulty finding workers with the necessary skills.”
“Respondents expected these trends to continue over the next six months.”
“Average growth rates for both prices paid and prices received by survey participants increased in July as growth in prices paid continued to outpace prices received.”
Market reaction
The US Dollar Index It did not show an immediate reaction to this report and was last seen losing 0.06% on the day at 92.57.
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