Philly Fed: Manufacturing firms reported continued growth in October

Eren Sengezer FXStreet

"Manufacturing firms reported continued growth in regional manufacturing in October," the Federal Reserve Bank of Philadelphia reported on Thursday.

Key highlights:

The index for current manufacturing activity in the region increased 4 points to a reading of 27.9 and is now at its highest reading since May.
More than 39 percent of the firms indicated increases in activity this month, while 11 percent reported decreases.
Both the new orders and shipments indexes remained positive but fell this month, decreasing 10 points and 13 points, respectively.
Both the unfilled orders and delivery times indexes were positive for the 12th consecutive month, suggesting longer delivery times and an increase in unfilled orders.
The current employment index increased 24 points to a record high reading of 30.6.
The average workweek index also increased 8 points, its highest reading in four months.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD remains offered; bears target 1.3600

GBP/USD now leaves behind part of its recent recovery and revisits the low 1.3600s at the beginning of the week. Indeed, Cable trades with a mild downward bias amid decent gains in the Greenback as investors remain wary of upcoming US data releases and the Jackson Hole event.

EUR/USD slips back to 1.1660, daily lows

EUR/USD remains slightly offered and drops toward the 1.1660 zone to hit daily troughs on Monday. The pair’s decline follows a decent advance in the US Dollar while investors continue to closely follow developments from the US money market.

Gold poised to extend its bullish run

Gold surrenders part of its initial advance, although it keeps its bullish pace well and sound above the $4,600 mark per troy ounce on Monday. The precious metal’s move higher comes despite slight gains in the US Dollar and a modest pullback in US Treasury yields across the curve.

Here's what I learned trading meme coins

I’ve been trading cryptocurrencies for the past seven years, with meme coins becoming one of the most exciting and implacable parts of my experience. I love them because they represent internet culture and community sentiment, and, let’s be honest, extreme speculation. Newly launched meme coins were especially tempting: get in early enough, I thought, and a small bet could turn into a huge return.

Bessent’s presser in focus

Preview: Busy week ahead, with Bessent kicking this off today, with things wrapping up with Warsh at Jackson Hole. For a month that should have been a temporary period of ‘quiet’, we had anything but last week, with the bond market and tariffs front and centre.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.