US: Philly Fed index fell to 19.9 in June - Nomura
|Analysts at Nomura not that in the US, the Philadelphia Fed business index fell to 19.9 in June, below expectations (Nomura and Consensus: 29.0), from 34.4 in May.
Key Quotes
“The shipment index rose about 3pp to 28.7, implying healthy activity in the current month. However, the index for new orders declined notably, down 23pp to 17.9, and the index for backlogged orders declined. These readings suggest some softening in momentum.”
“The Philly Fed survey stands in contrast to the Empire State survey, which indicated improved activity despite trade concerns. However, given that, in our view, the trade outlook worsened last week, some of the discrepancy between the two surveys could involve the relative time over which they were conducted, with the Empire State survey being released last week. While current activity appears to be strong, some of the trade concerns may have been reflected in forward-looking indicators.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.