Uncertainty Continues to Prevail in Financial Markets Today
Today was quiet, as trading slows down as we approach the Christmas holidays next week. The USD, however, continues to slip lower, following the price action we have seen for most of the week. USD/JPY was under pressure around 143 before falling to 142 lows. During the session, EUR/USD rose from 1.0950 to 1.10, peaking a few pips above that level but buyers still seem hesitant around these levels.
There have been no major headlines to drive markets around, and the US data earlier came mostly in line with expectations, apart from the Philly Business Index which fell lower, as shown below. Stock markets are steady today, following yesterday’s drop on Wall Street, with major US indices suffering their largest loss in three months.
So, the market mood seems mixed, with stock markets being stable, while risk currencies such as commodity dollars are pushing higher. Although this can be explained by the softer US dollar. Gold has been bullish for most of the day, but buyers have ran into $1,945 which is a strong resistance zone.
The Philadelphia Fed Business Index for December 2023
- Philadelphia Fed Business index for December -10.5 points vs -3.0 points estimate
- November Philly Fed Business index was -5.9 points
- Business Index for December -10.5 points vs -3.0 est.
- Employment -1.70 points vs +0.80 points last month
- New orders -25.60 points vs 1.30 points last month
- Prices paid 25.10 points vs 14.80
- Prices received 13.6 points vs 14.8 last month
- Shipments -10.8 vs -17.9 points last month
- Unfilled orders -7.9 points vs -9.8 last month
- Delivery times -16.8 points vs -8.7 last month
- Inventories -4.2 points vs -3.1 last month
- Avg employee workweek -5.0 points vs -11.4 last month
The 6-month index rose to 12.10 vs -2.10 last month:
- Employment 1.4 points vs 4.3 last month
- New orders 20.2 points vs 11.3 last month
- Shipments 21.5 points vs 16.3 last month
- Prices paid 19.9 points vs 37.9 last month
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