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Philly Fed Manufacturing Index slides to 24.5 points

The Philly Fed number dropped from the very high levels and hit 24.5 points, slightly below expectations but still a positive score. This is the number for December.

The Philly Fed manufacturing index was expected to slide from the sky high level of 40.8 to 26.3 points this time.

Among the components, we have a big fall in new orders from 35.7 to 15.7 this time and employment down from 22.4 to 7.2 points. However, capital expenditure is only slightly lower: 21.7 against 23 points. The previous figure of 40 seemed quite unbelievable.

The dollar was strong towards the publication and doesn’t seem to suffer  due to the slight miss.

Earlier, jobless claims came out better than expected with a drop to 289K. There was some worry with the number  grinding back up towards 300K and now we have a a resumption of lower levels.

The dollar is still supported by the hawkish comments from Yellen. The Fed is set to raise rates in 2015.

More:  Glory Days for USD: Strength Set To Extend – Goldman Sachs

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.