Philly Fed Manufacturing Index fell slightly, from a reading of 6.3 in January to 5.2 this month, missing market forecasts on an incline to 8.8 points. Half of the responding firms indicated there was no change in activity from January to February. The current new orders index fell 3 points, but the shipments and unfilled orders indexes turned positive and rose 15 and 16 points, respectively. The index for delivery times increased 6 points but remained negative, while the index for inventories rose 16 points.
Firms reported that overall activity continued to rise, and the survey’s future activity indexes remain positive, suggesting continued optimism about manufacturing growth. Firms also remain optimistic about employment increases over the next six months.
After the data USD eased against its major rivals. Euro is currently being traded around 1.1380 level, Sterling is stable above 1.54 handle, while Aussie is around 0.7780 area. We can expect a bit steadier rest of the session.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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