• Philadelphia Fed Manufacturing Index rose sharply in April.
• US Dollar Index trades modestly higher on the day near 106.00.

The Diffusion Index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey rose sharply to 15.5 in April from 3.2 in March. This reading surpassed the market expectation of 1.5 by a wide margin. 

The New Orders Index rose 7 points in April and the Current Shipments Index rose 8 points to 19.1. Meanwhile, the Prices Paid Index jumped from 3.7 in March to 23.0 in April, marking its highest reading since December 2023.

"The survey’s indicators for general activity, new orders, and shipments all rose. However, the employment index remained negative," the publication read. "Both price indexes continue to suggest overall price increases. Most future activity indicators declined but continue to suggest that firms expect growth over the next six months."