US: Chicago Fed National Activity Index improves from 0.31 to 0.52 in December

• Chicago Fed National Activity Index rose modestly in December.
• US Dollar Index extends sideways grind in daily range above 90.00.

The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) edged higher from 0.31 (revised from 0.27) in November to 0.52 in December.

"The CFNAI Diffusion Index, which is also a three-month moving average, ticked down to +0.54 in December from +0.55 in November," the publication read. "Forty-five indicators improved from November to December, while 40 indicators deteriorated. Of the indicators that improved, seven made negative contributions."

Market reaction

The initial market reaction to this report was largely muted. The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, is currently posting small daily gains at 90.28.

Meanwhile, the S&P 500 Index turned negative in the last hour and was last seen losing 0.07% at 3,832.