• The Philly Fed Manufacturing Index saw a larger than expected drop to 17.6 in April from 27.4 last month.
• There was no FX market reaction, with markets instead focused on upcoming central bank speak. 

According to a report from the Federal Reserve Bank of Philadelphia released on Thursday, the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey fell to 17.6 in April from 27.4 in March. That was larger than the expected decline to 21.0.

Subindices:

• Business Conditions fell to 8.2 from 22.7
• Capital Expenditures fell to 19.9 from 24.8
• Employment rose to 41.4 from 38.9
• New Orders fell to 17.8 from 25.8
• Prices Paid rose 84.6 from 81.0

Market Reaction

There was no market reaction to the latest US data, with markets more focused on upcoming Fed speak from the likes of Fed's Jerome Powell and ECB's Christine Lagarde later in the day.