US: Philadelphia Fed Manufacturing Index improves to -8.9 in January vs. -11 expected

Philly Fed Manufacturing Index improved modestly in January.
The US Dollar fails to gain any respite and remains depressed.

Haresh Menghani FXStreet

The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity improves to -8.9 in January from -13.8 in December. This print comes in better than market expectations, though does little to provide any meaningful impetus.

Market reaction

The US Dollar remains on the defensive amid rising bets for a less aggressive policy tightening by the Fed, though a fresh wave of the global risk-aversion trade helps limit the downside.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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