Some weak sub-indexes in the Philly Fed data are giving analysts pause, suggesting the future outlook is not particularly bright.
New orders dipped, employment fell, prices paid rose and prices received dropped.
There is understandable caution across the markets today after a sustained USD drop, equity rally and commodity boom.
Traders report intervention by a number of emerging markets central banks. Brazil and South Africa are said to be buying dollars to cool hot money flows at the moment. Near-term, that might cool some of the speculative interest to borrow dollars, dump them, and buy emerging markets with the proceeds…
