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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