US: Philly Fed Nonmanufacturing Index drops to 39.1 in August from 53.8 in July

• Philly Fed Nonmanufacturing Index fell sharply in August.
• US Dollar Index extends sideways grind around 93.00.

The headline Regional Business Activity Index of the Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey fell to 39.1 in August from 53.8 in July.

Further details of the publication revealed that the Firm-level Business Activity Index declined to 37.2 from 44.8 and the Full-time Employment Index slumped to 8.2 from 24.8.

Market reaction

These figures don’t seem to be having a noticeable impact on the USD’s performance against its rivals. As of writing, the US Dollar Index was unchanged on the day at 92.98.