US: Dallas Fed Manufacturing Index plunges to -22.6 in July vs. -12.5 expected

• Dallas Fed Manufacturing Index fell sharply again in July.
• US Dollar Index trims daily losses, rises to 106.50.

The headline General Business Activity Index of the Federal Reserve Bank of Dallas’s Manufacturing Survey plunged to -22.6 in July from -17.7 in June. This print missed the market expectation of -12.5 by a wide margin.

The New Orders sub-index dropped to -9.2 from -7.3, the Prices Paid for Raw Materials component fell to 38.4 from 57.5 and the Employment sub-index rose to 17.9 from 15.2.

Market reaction

The US Dollar continued to trim losses across the board after the report. The US Dollar Index was last seen posting small daily losses around 106.50.