The highly regarded Philly Fed Manufacturing Index nosedived for a second week in a row: after turning negative last month to -5.8 points, it now fell deeper in negative ground, to -16.6 points. Also existing home sales slid. The reaction in the markets is risk averse: the dollar is on the rise. This is not a QE3 play. EUR/USD extended its fall that began after the release of the jobless claims, which also disappointed. It now trades under 1.2624 – lower than the levels it traded in after the FOMC decision. GBP/USD is also falling, but still holding above 1.5650 – for the third time in around 30 hours. Will it break this time? The Philly Index released early: the number is for the month of June, and is somewhat correlated with other manufacturing indices. Negative numbers reflect worsening conditions. Existing home sales squeezed from 4.62 to 4.55 million. An annual pace of 4.58 million was expected. Earlier in the week, housing figures were better, especially in building permits. Also pessimism about Europe adds to the weakness of risk currencies. 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 ITC 2012 Highlights Yohay Elam 9 years The highly regarded Philly Fed Manufacturing Index nosedived for a second week in a row: after turning negative last month to -5.8 points, it now fell deeper in negative ground, to -16.6 points. Also existing home sales slid. The reaction in the markets is risk averse: the dollar is on the rise. This is not a QE3 play. EUR/USD extended its fall that began after the release of the jobless claims, which also disappointed. It now trades under 1.2624 - lower than the levels it traded in after the FOMC decision. GBP/USD is also falling, but still holding above 1.5650… Top 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.
