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Philly Fed Manufacturing Index misses with -4.5 – dollar

The Philly Fed  Manufacturing Index was expected to advance from -6 to -1.8 points in October. This early indicator provides a view on the manufacturing sector. The actual result is only -4.5.

The US dollar was recovering thanks to better than expected data earlier and this recovery seems to have come to a halt. EUR/USD is rising from the lows of 1.1363 and topping 1.1380. Similar moves are seen in other currency pairs.

Among the components, we have a drop in new orders and in employment, and this cannot be good news. Manufacturing remains a weak link in the economy and after the retail sales report, it seems that it isn’t the only one.

While the dollar rallied on good inflation and jobs numbers, the NY  Fed Manufacturing Index also had a similar miss: it advanced within the negative range,

Later today we have a key speech from FOMC member Bill Dudley. The president of the New York Fed has a permanent vote on the FOMC.

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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.