A disappointment from the manufacturing sector: the Philly Fed index dropped to 5.2, contrary to a rise to 8.8 points. Also the CB Leading Index fell short by rising only 0.2% instead of 0.4% expected.
The dollar was hit yesterday by the somewhat dovish FOMC minutes. It later recovered. The news from the US made way to the ongoing drama around Greece.
The Philly figure draws attention because it is a very early indicator: this is the number for February. New orders dropped from 8.5 to 5.4 points and prices paid from 9.8 to 4.7 points. Investment is up. The weak number is in line with the Empire State figure released earlier in the week.
The USÂ Philly Fed Manufacturing Index was expected to rise to 8.8 points in February after 6.3 in January.
The US dollar was stronger against the euro but did not really gain against other currencies towards the publication.
Earlier, jobless claims came out better than expected with a drop to 283K.
Regarding Greece, the country applied for an extension of sorts. While there were some tweaks, but they basically gave in to demands. However, Germany rejected it instantly.
The drama continues.
