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Philly Fed Index Badly Disappoints, Falls to Negative Ground

The Philly Fed Index dropped to -5.8 points in January. Early expectations stood on a drop from 8.1 to 7.1 points this time.

USD/JPY traded just below 89.50, not too far from the 89.67 peak seen earlier in the week. EUR/USD traded at 1.3340, below early highs of 1.3378 beforehand. The dollar is now falling once again, erasing the previous gains.

The US reported an impressive drop in jobless claims: only 335K, the lowest in 5 years. In addition, housing starts climbed to 0.95, above expectations. This sent the dollar higher.

Only building permits came out as expected.

Further reading:  Traders for now are comfortable buying EUR and that should not change

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.