Despite extremely upbeat Philly Fed data, the most important of the Fed indexes and the one that has historically correlated best with the ISM index, the market has it in the for the dollar today.
We’ve bumped up against 1.36 several times in the wake of the data and USD/JPY is at session lows.
Even yields are on their lows of the session despite the strong manufacturing outlook and the inflation implied within the data.
Some days markets make sense and some days they don’t. This one doesn’t make sense, so go with the mo.
