Philly Fed Index scored 7.3 points, lower than early expectations which stood on over 10 points. This is a very early indicator – it relates to the current month of January. The dollar is stronger after the publication. EUR/USD is dropping towards support at 1.2873, after peaking out at 1.2925 earlier. In many cases, the Philly figure is an early indication for the ISM Manufacturing PMI published early in the following month. Note that this number is still in positive ground, meaning expansion for a fourth month in a row. Another positive way to look at this number is looking at the sensitive employment component, which remained practically unchanged at 11.6. This adds optimism to the beaten labor market and joins the encouraging drop in jobless claims reported earlier. Unemployment claims fell to 352K, the lowest in almost four years. On the other hand housing starts fell short of expectations. They now stand on 0.66 million, down from 0.69 million. There were fears that part of the growth at the end of 2011 was related to tax incentives which were about to expire. The initial numbers for 2012 show that the positive trend continues. Note that the Fed could still start a third round of QE based on housing numbers. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Forex Daily Outlook January 20 2012 Anat Dror 11 years Philly Fed Index scored 7.3 points, lower than early expectations which stood on over 10 points. This is a very early indicator - it relates to the current month of January. The dollar is stronger after the publication. EUR/USD is dropping towards support at 1.2873, after peaking out at 1.2925 earlier. In many cases, the Philly figure is an early indication for the ISM Manufacturing PMI published early in the following month. Note that this number is still in positive ground, meaning expansion for a fourth month in a row. Another positive way to look at this number is looking… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.