It comes as little surprise that Philly Fed extended its slide falling to -39.3 from 37.5. New orders slumped to their lowest levels since 1980, according to the Bank. Most of the comparables these days are to the early 1990s recession but some date back to Reagan’s first term when Volcker ramped interest rates up to modern-day highs to snuff inflation once and for all.
Leading indicators tumbled in addition to the Philly Fed. It slipped 0.8%.
EUR/JPY is in the low 118s and EUR/USD has slipped below 1.2500.
