Philly Fed Manufacturing Index Up Slightly: USDJPY Largely Unchanged

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Written By: Eno Eteng (MSTA)

Sep 19, 2019, 15:07 BST 15:07

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Summary:

The Philly Fed Manufacturing Index is a little higher than expected, but still lower than for the month of June, leaving the USDJPY largely unmoved.

The USDJPY is largely unmoved as the Philly Fed Manufacturing Index figure came in at 12.0; slightly better than the 10.9 figure registered last month. However, this was still far below the 16.8 figure obtained in June. This has left the USDJPY with very little foundation to spring from.

The difference between the actual and consensus figures was not enough to produce a tradable deviation. This explains the reluctance of potential USD buyers to make any moves at pushing the greenback higher.

The Philly Fed Manufacturing Index is a diffusion index, created from a survey of manufacturers in the Philadelphia area by the Federal Reserve bank of Philadelphia. The bank is one of the reserve banks whose President has a rotating seat on the Board of the Federal Open Market Committee (FOMC) of the US Federal Reserve.

In other news, the Initial Jobless claims came in at +208K, versus the expected figure of +213K. However, this figure was marginally higher than June’s figures of 204K, which also does not favour USD buying.

The USDJPY is currently trading at 107.965, still off the intraday high of 108.45 which was attained after the FOMC rate decision yesterday.

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.