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Philly Fed Index disappoints with 5.2

A disappointment from the manufacturing sector: the Philly Fed index dropped to 5.2, contrary to a rise to 8.8 points.  Also the CB Leading Index  fell short by rising only 0.2% instead of 0.4% expected.

The dollar was hit yesterday by the somewhat dovish FOMC minutes. It later recovered. The news from the US made way to the ongoing drama around Greece.

The Philly figure draws attention  because it is a very early indicator: this is the number for February. New orders dropped from 8.5 to 5.4 points and prices paid from 9.8 to 4.7 points. Investment is up. The weak number is in line with the Empire State figure released earlier in the week.

The US  Philly Fed Manufacturing Index was expected to rise to 8.8 points in February after 6.3 in January.

The US dollar was stronger against the euro but did not really gain against other currencies towards the publication.

Earlier,  jobless claims came out better than expected with a drop to 283K.

Regarding Greece, the country applied for an extension of sorts. While there were some tweaks, but  they basically gave in to demands. However, Germany rejected it instantly.

The drama continues.

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.