Philly Fed comes in at 40. The major components showed great strength. The index is the highest since December 1993 when it came in at 41.2. New orders highest since October 1988. Employment at 22.4 was the highest but only back to May of 2011 (geez that’s it). Anyway, impressive number for what it is worth.
The Philly Fed index impressive.
The Existing Home Sales at 5.26M were better (highest since August 2013) and the Leading Index was better as well at 0.9% vs. 0.6% estimate.
Trends in Existing Home sales positive.
The better data has the dollar spinning once again. Admittedly, the move to the upside is still short of expectations
EURUSD.
The low came in at 1.2521 after the data. The price is back up to 1.2440-50 area. The range between 1.2499 and 1.2577 remain in place.
EURUSD has a higher low.
USDJPY.
The price of the USDJPY corrected to the 50% and the 100 and 200 bar MA on the 5 minute chart and the level held. The correction bias remains in place for now at least. The support at the 117.68-72 held at the low’s today (see prior post). The support below. The resistance above has the pair contained for now.
USDJPY could not get above the 100 and 200 bar MA nor 50% of the days range.
GBPUSD
The GBPUSD fell on the back of the data and is back up testing the a number of levels including the 200 hour MA (green line), the 38.2% retracement at 1.5726. The 1.5720 is the 61.8% of the move up from the 2103 low to the 2014 high (not shown). The high from the Monday. All these levels are trying to put a lid on the GBPUSD today.
Earlier today the Retail Sales in the UK were better than expectations (0.8% vs 0.3% estimate) and this has kept the bid in trading today for the pair.
GBPUSD is up on better UK data. The ambivalent reaction to the US data has the pair back testing a cluster of resistance.
