Page 14 - Philly Fed News Today

None of today's Retail Sales, Import Prices, etc. were surprising enough to take investors' minds completely off other matters.

A top ranked economics and finance blog with a focus on the housing market

The forex market displayed relative tranquility in Asian session, with major currencies confined to tight ranges. This subdued atmosphere reflects a degree of stabilization in investor sentiment, mirrored in the performance of major Asian stock indexes which are either experiencing mild recoveries or registering only slight losses. A notable exception to this picture is China's Shanghai SSE, which is extending its recent decline. This persistent downturn in the Chinese market is fueled by d...

Traders struggle for direction in the European session thus far

Markets received another dose of realism in the form of solid US economic data. US December housing data came in on the strong side of expectations. Building permits, seen as a leading indicator for the sector, rose by 1.9% m/m (1495k) vs 0.7% expected. Shovel-in-the-ground housing starts, the next step in the process, declined far less than expected (-4.3%) after a bumper November month, even with the downward revision (10.8%).

The major U.S. index futures are currently pointing to a higher open on Thursday, with stocks likely to regain ground after moving mostly lower over the two previous sessions.

The Philadelphia Fed Business index for January 2024

The decline in manufacturing activity continued in the Philadelphia region in January, but at a slower pace than in December, according to the monthly survey conducted by the Federal Reserves...

The USD is mostly lower

Forex news from the European morning session on Jan 18, 2024