A five-year high in Philadelphia manufacturing and lower jobless claims lift the Dollar Index 0.12% despite weak moving averages.
The Dollar Index stabilized above 98.50 on Thursday, supported by stronger-than-expected economic data. Initial jobless claims fell to 206K, below the 210K consensus, while the Philadelphia Fed’s August manufacturing survey surged to 47.4, far exceeding expectations of 25.
The employment index within the survey rose 18 points to its highest level since April 2022, and the six-month outlook index climbed 39 points to a near-40-year high. Despite the positive data, the index remains below its 50-day and 200-day EMAs, with the 50-day trending downward.
Hawkish commentary from regional Fed officials contributed to the index’s modest 0.12% gain, though the broader trend remains uncertain as key moving averages lag.