Regional data in the US comes back strong
The Philly Fed index is getting more interest these days as the market looks for continued insight into the US economy through the regional data. The manufacturing index has recovered well from the drop seen in June to 0.3, coming in at 21.8 in July vs 5.0 expected.
All the component indices also fared better, with business conditions rising from 21.4 to 38.0, while the capital expenditure index is up from 28.0 to 36.9. The employment index rises from 15.4 to 30, with prices paid at 16.1 vs 12.9 previously.
We saw a very brief uptick in the USD on the news, though overall, the reaction has been light though there is little else to look forward to later on this afternoon.
Jobless claims came in at 216k as expected, so no surprises there.
EUR/USD continues to hold a tight range above 1.1200 for now, with the selling of EUR/GBP having pressured the spot rate as sellers ahead of 1.2500 allow little lee-way in Cable for now.
USD/JPY is holding a tight range below 108.00 as it tries to battle back to the figure level amid fresh buying interest in the USD today - something which seems to have developed since North American players came in.