US: Richmond Fed Manufacturing Index climbs from 0 to 10 in July

• Richmond Fed Manufacturing Index posts first positive reading since March.
• US Dollar Index shows no reaction to the data, stays near 93.70.

The activity in the Federal Reserve's Fifth District's manufacturing sector expanded modestly in July with the Composite Index of the Richmond Fed's Survey of Manufacturing Activity rising to 10 from 0 in June. This was the first positive reading since March.

"The indexes for shipments and new orders suggested expansion, while the third component index—employment— remained slightly negative," the press release read. "The local business conditions index rose further, suggesting some improvement in sentiment. Survey respondents were optimistic that conditions would improve in the next six months."

Market reaction

The US Dollar Index largely ignored this report and was last seen posting small daily gains at 93.69.