US: Philadelphia Fed Manufacturing Index improves to -10.4 in May vs. -19.8 expected

• Philadelphia Fed Manufacturing Index came in better than expected in May.
• US Dollar Index rises to fresh monthly highs above 103.20. 

The diffusion index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey rose to -10.4 in May from the three-year low of -31.3 in April, and was above the market expectation of -19.8.

Market reaction

The Greenback gained momentum after the release of Jobless Claims and the Philly Fed, hitting fresh daily highs versus its main rivals. The DXY trades at monthly highs above 103.20. The April Existing Home Sales report is scheduled to be released later on Thursday.