US: Philadelphia Fed Manufacturing Index drops to -9.9 in September vs. 2.8 expected

• Philadelphia Fed Manufacturing Index fell into negative territory in September.
• The greenback is struggling to preserve its strength after latest US data releases.

The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity dropped to -9.9 in September from 6.2 in August. This print came in worse than the market expectation of 2.8.

"The new orders index fell 13 points to -17.6, and the shipments index fell 16 points to its lowest reading since May 2020 but remained positive at 8.8," the publication further read. "The prices paid index declined for the fifth consecutive month, down 14 points to 29.8, its lowest reading since December 2020 and near its long-run nonrecession average."

Market reaction

The US Dollar Index stays in negative territory below 109.50 as investors assess the latest data releases from the US.