No surprises from the Philly Fed Index: it came out at 22.5 points, within predictions for 22.8 points.
The dollar is slightly lower on the result, but nothing extraordinary.
The Philly Fed Index was expected to slide back down to 22.8 points in September after an excellent 28 points back in August.
The dollar was generally strong, still enjoying the post FOMC rally. USD/JPY traded around 108.75, EUR/USD around 1.2890 and GBP/USD moved higher to 1.6377.
Earlier data was mixed, jobless claims beat expectations with a big 36K fall to 280K. On the other hand, both housing starts and building permits fell short of expectations.
The Fed did not alter its language regarding the “considerable time” between the end of QE and the rate hike, but made some minor tweaks that the dollar-hungry market was very happy to buy.
See the preview: USD/JPY: Trading the Philadelphia Fed Manufacturing Index
From now on, the focus is solely on Scotland. Will they or won’t they?
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