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Fundamental Forex Analysis

Philly Fed Nonmanufacturing Index plunges to -96.4 in April

  • Philly Fed Nonmanufacturing Index drops to fresh record low in April.
  • Risk aversion lifts US Dollar Index higher in early American session.

The regional activity index of the Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey plummeted to a historic low of -96.4 in April from -35.1 in March.

“The diffusion index for current general activity at the firm level fell sharply for the second consecutive month from -12.8 in March to -82.5 in April, its lowest reading since this survey began in March 2011,” the press release further read. 

Regarding the outlook, “both future activity indexes suggest that the respondents expect continued declines overall in nonmanufacturing activity over the next six months, with both series reaching all-time low readings for a second consecutive month,” the Philly Fed noted.

Market reaction

The US Dollar Index edged higher after the data and was last seen adding 0.42% on the day at 100.38.

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