US: Philly Fed Nonmanufacturing Index rises from 1.6 in August to 8 September

Philly Fed Nonmanufacturing Index edged higher in September.
US Dollar Index clings to modest daily gains above 93.60.

Eren Sengezer FXStreet

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Outlook Survey improved to 8 in September from 1.6 in August, the monthly data showed on Tuesday.

Key takeaways

"Wage and Benefit Cost Index dropped to 13.1 in September from 14.6 in August."

"Firm-level Business Activity Index edged higher to 20.4 in September from 17.9 August."

"New Orders Index fell to 8.5 in September from 11.6 in August."

"Full-time Employment Index improved to 5.1 in September from -3.0 in August."

Market reaction

The US Dollar Index showed no significant reaction to this data and was last seen gaining 0.12% on the day at 93.66.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.