Chicago Fed Index Shows US Growth is Slumping

2017-08-21 12:22:36

(MENAFN- DailyFX)

- Chicago Fed National Activity Index falls 0.01% from an upwardly revised 1.0%.

- Economists missed the actual figure as they predicted activity to come in at 0.1%.

- Check out the and see what live coverage of key event risk impacting FX markets is scheduled for the week on the .

The latest Chicago Fed National Activity Index, a weighted average of 85 indicators of growth in US national economic activity, has fell 0.01% from an upwardly revised 1.0% in July. The forecasted figure was off by 0.11%.

The Chicago Fed Index is constructed to have an average value of zero and a standard deviation of one. A positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend.

The soft print had a minor impact on the and will largely be overshadowed by durable goods orders and Fed Chair Janet Yellen's speech in Jackson Hole later this week.

Chart 1: Index 15-minute Timeframe (August 21, 2017 Intraday).

The data had little impact on EUR/USD. Shortly after, the trended higher as it approached the 1.179 resistance level.

--- Written by Dylan Jusino, DailyFX Research

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