US Philadelphia Fed Manufacturing Index drops to -10.5 in December vs. -3 expected

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• Philadelphia Fed Manufacturing Index drops unexpectedly to -10.5 in December.
• The US Dollar Index breaks below 102.00 after US economic reports. 

The Diffusion Index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey declined to -10.5 in December from -5.9 in November. This reading came in worse than the market expectation of -3. 

The New Orders index dropped from 1.3 to -25.6 in December. The Shipments index rose 7 points to -10.8. The Employment index declined 3 points to -1.7 in December. The Prices Paid index climbed 10 points to 25.1 in December,

"Responses to the December Manufacturing Business Outlook Survey suggest overall declines in the region's manufacturing sector. The indicators for current activity, new orders, and shipments were all negative. On balance, the firms continued to indicate overall increases in prices and mostly steady employment. The survey's broad indicators for future activity improved, suggesting more widespread expectations for growth over the next six months", the publication read. 

Market reaction

The US Dollar Index (DXY) fell below 102.00, toward last week's lows, following the release of US economic data that included the Philly Fed, the third Q3 GDP reading and Jobless Claims.

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