US: Richmond Fed Manufacturing Index improves modestly to 17 in March vs. 14 expected

• Richmond Fed Manufacturing Index came in higher than expected in March.
• US Dollar Index extends the daily rally after the data.

The activity in the Federal Reserve's Fifth District's manufacturing sector expanded at a stronger pace in March than it did in February with the Composite Index of the Richmond Fed's Survey of Manufacturing Activity rising to 17 from 14. This reading came in better than the market expectation of 14 as well.

Further details of the publication revealed that the New Orders Index remained unchanged at 10 while the Prices Paid Index edged higher to 6.15 from 4.47.

Market reaction

The US Dollar Index preserves its bullish momentum in the early American session and was last seen gaining 0.56% on the day at 92.26.