Philly Fed Manufacturing Index jumps to 16.6 points –


More good news form the US: the Philly Fed Index jumps to 16.6 points. The US Philly Fed Manufacturing Index was expected to edge up from 9 to 9.6 points in April. This index carries a lot of weight because of its early publication: in the current month. For this specific release, it serves as another indicator if the US economy is indeed enjoying a spring bounce.

Before the release, EUR/USD traded around 1.3845, GBP/USD at 1.6810 and USD/JPY at 102.15 points. The greenback enjoys strength after the release: EURUSD is hanging on to 1.3830, GBP/USD is struggling to keep 1.68 and USD/JPY is only marginally higher.

This is the highest figure since October 2013 in this volatile indicator. The employment component is up to 6.9 points and new orders to 14.8.

Earlier, weekly jobless claims remained on low ground, with a minor rise from 302K to 304K, around the post crisis lows. Positive surprises have been recorded in most US indicators this week.

The market is expected to slow down after this publication, as traders head for a long Easter weekend in most of the Western world.

More: Softening inflation before the Easter break

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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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