US: Chicago Fed National Activity Index improves to 2.61 in May from -17.89 in April

• CFNAI shows economic activity in the US recovered in May.
• US Dollar Index stays in the negative territory below 96.50.

The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) recovered sharply to 2.61 in May from -17.89 (revised from -16.74) in April. 

"The CFNAI Diffusion Index, which is also a three-month moving average, moved up to –0.43 in May from –0.58 in April," Chicago Fed said in its publication. " Seventy-two indicators improved from April to May, while 13 indicators deteriorated. Of the indicators that improved, 17 made negative contributions.

Market reaction

The US Dollar Index largely ignored this data and was last seen losing 0.27% on the day at 97.40.