The index Philadelphia Fed manufacturing data improved 3.1 points in November, moderating to -5.9 since -9 October. The result improves market expectations, since the figure was expected to remain unchanged from -9.
Despite the improvement, the indicator published by the Philadelphia Federal Reserve remains at negative for the third consecutive month. This is the sixteenth negative reading of the index in the last 18 months.
Nearly 18% of companies reported decreases in overall activity this month (up from 35% last month), while 12% reported increases (up from 26% previously); 70% reported no change (up from 38% last month). The new orders index decreased 3 points to 1.3, while the current shipments index more than offset its increase last month, falling sharply from 10.8 to -17.9.
He Dollar Index (DXY) has reacted lower following the data, falling from around 104.40 to 104.15, its lowest level on the day. The USD is now trading above 104.17, losing 0.21% daily.
Source: Fx Street
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