July Philly Fed business outlook

  • Prior was 19.9

  • Employment 16.8 vs 30.4 prior

  • New orders 31.4 vs 17.9 prior

  • Prices paid 62.9 vs 51.8 prior (highest since 2008)

The employment dip is probably just noise but that jump in prices paid is one to watch.

This report and the drop in initial jobless claims to a 49-year low sent the US dollar to the best levels of the day across the board.