US: Chicago Fed National Activity Index drops to -0.19 in February vs. 0 expected

• Chicago Fed National Activity Index declined more than expected in February.
• The US Dollar Index recovers toward 102.50 after the data.

The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) declined to -0.19 in February from 0.23 in January. This reading came in weaker than the market expectation of 0.

"The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.02 in February from –0.07 in January," the Chicago Fed noted in its publication. "Thirty-eight of the 85 individual indicators made positive contributions to the CFNAI in February, while 47 made negative contributions."

Market reaction

The US Dollar Index stages a modest rebound in the early American session and was last seen losing 0.12% on the day at 102.40.