US: Philadelphia Fed Manufacturing Index drops to -31.3 in April vs. -19.2 expected

• Philadelphia Fed Manufacturing Index came in lower than expected in April.
• US Dollar Index struggles to hold above 102.00 on Thursday.

The diffusion index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey dropped to -31.3 in April from -23.2 in March. This marked the lowest reading since May 2020 and was below the market expectation of -19.2.

"The employment index rose 10 points to a near-zero reading," the publication further read. "The prices paid index declined for the second consecutive month, falling 15 points to 8.2. The current prices received index fell 11 points to -3.3, its third consecutive decline and first negative reading since May 2020."

Market reaction

The US Dollar Index lost its traction in the early American session and declined below 102.00. As of writing, the index was down 0.1% on the day at 101.85.