Philly Fed Manufacturing Index Exceeds Expectations
The US Philly Fed Manufacturing Index rose to 10.2 points. A score of 9 was predicted. This adds to the positive signs seen earlier.
The Philly index is a forward looking one, which makes it a very important and also a good indicator towards the Non-Farm Payrolls.
The downside here is that the employment component dropped to 1.1 points. This means little growth in employment, and is a bit worrying.
The reaction in the markets is positive: risk appetite is on. EUR/USD managed to emerge from the abyss of 1.30 and is now in the 1.30-1.3060 range.
Also in the US, Mortgage Delinquencies are at 7.58%, lower than 7.99% reported last month. Earlier, the US reported that jobless claims dropped to 348K, better than expected.
See what other traders are doing in real forex accounts. Check out Currensee. It's free..