• Philly Fed Manufacturing Index improved modestly in December.
• US Dollar Index clings to daily gains above 104.00.

The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity rose to -13.8 in December from -19.4 in November. This print came in worse than the market expectation of -10.

"The survey’s indicators for general activity, new orders, and shipments were all negative, and the firms reported a decline in employment, on balance," the publication read. "The survey’s broad indicators for future activity improved and indicate firms expect growth overall over the next six months."

Market reaction

The US Dollar continues to outperform its rivals after this data with the US Dollar Index rising 0.5% on the day at 104.12.