US: Chicago Fed National Activity Index drops to -0.45 in April vs -0.33 expected

In its latest press release, the Federal Reserve Bank of Chicago revealed that the economic growth lost momentum in April with the National Activity Index dropping to -0.45 from 0.05 (revised from -0.15) in March and falling short of the market expectation of -0.33.

"The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.22 in April from –0.16 in March," the publication further read.

Nevertheless, the market reaction to the data was muted and with the US Dollar Index continuing to move sideways below the 98 mark.