Philly Fed Manufacturing Index Jumps to 10.3 – More Hope

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Philly Fed Manufacturing Index scored 10.3, better than 5.1 that was expected, and up from 3.6 scored last month. This is a fresh figure for December and the best score since May.

The employment component rose from 10.7 to 12. This joins the drop in jobless claims reported earlier and provides hope for the next Non-Farm Payrolls report.

EUR/USD remains in range. The focus now returns to the debt crisis. Update: EUR/USD now changes direction and aims to lose 1.30 once again. For more on the pair, see the euro/dollar forecast.

This publication is the last in a big bulk of US figures:

  • Jobless claims dropped to 366K, the best in three and a half year and better than a rise to 389K that was expected.
  • Empire State Manufacturing Index scored 9.5 points, much more than 3.1 that was predicted.
  • PPI rose by 0.3%, as expected. Core PPI rose by 0.1%, weaker than 0.2% estimated.
  • TIC Long-Term Purchases disappointed with only 4.8 billion – 53.4 was predicted.
  • Industrial Production was a significant disappointment, with a drop of 0.2% – a rise of 0.3% was expected.
  • Capacity Utilization Rate was at 77.8%, in line with expectations for 77.9%.

All in all, the figures were more positive than negative, but not one sided.

EUR/USD is holding on 1.30, trading in the 1.30 – 1.3060 range that characterized it also yesterday, before the loss of 1.30.

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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.

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