Philly Fed slips back to -7.5 in July from -2.2 in June

Philly Fed, which correlates pretty well with ISM, has dipped back to the -7.5 level from -2.2.

This may undermine the reflation trade a bit after a big rally to begin the week.

Dealers note trailing stops blow the 1.4100 level in EUR/USD near-term.