- The US Dallas Fed manufacturing business index fell from 9 to 4.6 in September.
- The US dollar rose slightly over the course of the day and left its highs.
The Federal Reserve Bank of Dallas published the Texas Manufacturing Outlook Survey. The general business activity index remained in positive territory at 4.6 in September and was thus below the value of 9 in the previous month.
“Texas industrial activity continued to surge in September, according to executives at companies that participated in the Texas Manufacturing Outlook Survey. The manufacturing index, a key measure of conditions in the state’s manufacturing sector, rose three points to 24.2. The figure was well above average and suggests solid production growth, “the report said.
“The assessment of the general business situation was mixed in September. While both the index for the corporate outlook and the index for general business activity declined from August, the index for the corporate outlook slipped into negative territory at -2.8, indicating a suggesting a slight deterioration in the outlook this month. “
Expectations for future manufacturing activity were somewhat less positive in September, as the report shows. “The future production index fell slightly to 41.8 but remained at a high level, while the future general business index fell four points to 11.5, which is slightly below average.
Market reaction
Market participants largely ignored the report. The US dollar remains off its highs, with the DXY hovering around 93.30 / 35 and rising 0.07% over the course of the day. US yields moved away from their highs but are still significantly higher during the day. The 10-year bond yields 1.48% and has thus gained more than 2% over the course of the day.
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