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Chicago Fed Index Shows US Growth is Slumping

Chicago Fed Index Shows US Growth is Slumping

Dylan Jusino, Contributor

Talking Points

- 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 DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

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 US Dollar and will largely be overshadowed by durable goods orders and Fed Chair Janet Yellen’s speech in Jackson Hole later this week.

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

Chart by IG

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

--- Written by Dylan Jusino, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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