US: Philadelphia Fed manufacturing index falls to 3.2 points in March but improves forecasts of -2.3

He Philadelphia Fed manufacturing index has fallen to 3.2 points in March from 5.2 in February, improving the -2.3 expected by market consensus.

This is only the fifth positive index reading since May 2022. Nearly 24% of businesses reported increases in overall activity this month, while 21% reported decreases; 52% reported no change. The new orders index turned positive for the first time since October, going from -5.2 in February to 5.4 in March. The current shipments index rose 1 point to 11.4 in March, its highest reading since August 2022.

dollar reaction

The Dollar Index (DXY) has reacted with a slight rebound to the weekly unemployment claims data and the Philadelphia Fed manufacturing index, which has also improved expectations. The DXY has risen to 103.61, where it gains 0.20% on the day.

Source: Fx Street

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