US: Philadelphia Fed Manufacturing Index comes in at -8.7 for October vs. -5 expected

• Philadelphia Fed Manufacturing Index remains in negative territory for the second straight month.
• The USD maintains its offered tone and flirts with the daily low following the latest US macro data.

The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity remains in contraction territory for the second successive month in October. The gauge came in at -8.7 for the reported month as compared to -9.9 in September, missing estimates pointing to a reading of -5.

Market reaction

The US Dollar Index maintains its offered tone and is currently flirting with the daily low. A modest recovery in the global risk sentiment - as depicted by a positive tone around the equity markets - continues to undermine the safe-haven greenback.