Today we have the release of the Philly Fed Manufacturing Index data. Although the outlook for the U.S economy is optimistic, there appears to be room for improvements with regards to business conditions.
Trading Event: Philly Fed Manufacturing Index 1400 GMT
- General activity, new orders and shipments were positive for a 3rd consecutive month in April.
- The Empire State Index rose from 15.2 to 19.3 indicating strengthening business conditions.
- Approximately 1/5th of the firms reported an increase in employment, however, experienced a rise in input prices with moderate increase in demand for their goods.
- This month we are expecting a slight pullback after a major upside move 2 months previously and a posting above 0 is considered an improvement.
- Banc De Binary analysts predict that there will be a short term rise in the dollar, indicating a potential upward movement in the USD/JPY.