At last, some positive economic data from the “Land of the free”
Skerdian Meta • 1 min read
Well, not exactly, because earlier this week the US industrial production, utilization of the economy (capacity utilization rate) and the housing starts all beat the expectations. Toda the number of unemployment claims was better than expected and better than last reading as well. Besides that, the index of the manufacturing sector in Philadelphia beat the expectations and showed that the business conditions have improved.
EUR/USD is about 25 pips lower as we can see from the 5 minute forex chart
But the Philadelphia index numbers aren´t that straightforward. The prices have gone up, which means there is some sort of inflation in this sector of the US economy, Capex and of course the headline number are higher too. Given these figures, the report looks great, but that´s not all, the employment and new orders went down.
The USD doesn´t seem to care much about the employment and the new orders, it is looking at the glass half full. The Buck is about 25-30 pips higher across the board which means that EUR/USD is down. That went in favor of our forex signal in this forex pair and we closed that signal manually a while ago.