US: Philadelphia Fed Manufacturing Index drops to 30.7 in June vs. 31 expected

• Philly Fed Manufacturing Index fell more than expected in June.
• US Dollar Index holds in the positive territory above 91.70.

The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey dropped to 30.7 in June from 31.5 in May. This reading came in weaker than the market expectation of 31.

Further details of the publication showed that the New Orders Index declined to 22.2 from 32.5, the Employment Index improved to 30.7 from 19.3 and the Prices Paid Index rose to 80.7 from 76.8.

Market reaction

This report doesn't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was up 0.4% on the day at 91.75.