U.S. Philadelphia Fed Manufacturing Index
The Philadelphia Federal Reserve Manufacturing Index rates the relative level of general business conditions in Philadelphia.
A level above zero on the index indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of about 250 manufacturers in the Philadelphia Federal Reserve district. It is carefully followed as it is published before "NAPM" (National Association of Purchasing Managers') index. Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District: Pennsylvania, New Jersey and Delaware.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
Last month’s report published a figure lower than expected. EUR/USD rose 1.51% following the announcement, as the US dollar dropped in value. A weakening US dollar usually pushes the price of gold up, hence gold prices rose 0.87% following the release. However, crude prices dropped 0.97% right afterwards as news that Libya and Nigeria had increased their daily oil production had come in. These two countries have been exempted from OPEC oil cut deal.
Current prognoses are suggesting a figure of 18.5 to be posted on August 17, 2017.
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