News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/UgYlEILK5n
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/BXp2z6E0Kl
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/xGuTYZqYwh
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/EvRHfRQLgk
  • The Australian Dollar remains vulnerable in the week ahead, eyeing risks such as a dovish RBA, surging Covid cases and recent crackdowns by Beijing. Might US NFPs offer some relief to AUD/USD? Get your weekly AUD forecast from @ddubrovskyFX here: https://t.co/LQzQymM3ND https://t.co/XOCJl3vbu1
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/k49UosZOUR
  • The US Dollar seems to be losing its momentum against ASEAN currencies as of late. Could this be another top in USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/rVBKBuhhAb https://t.co/lTT6oelIEc
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/JTw3w7KYXP
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.15% 🇯🇵JPY: -0.18% 🇬🇧GBP: -0.39% 🇳🇿NZD: -0.56% 🇦🇺AUD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/a8XYJHybtN
USDJPY Dips As Philadelphia Fed Shrinks More Than Forecast in August

USDJPY Dips As Philadelphia Fed Shrinks More Than Forecast in August

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [US Philadelphia Fed index contracts for a fourth month] > [Global economic slowdown and weak labor market conditions weigh on business activity] > [USDJPY bearish]

Manufacturing in the Philadelphia region contracted for a fourth month, indicating that the slowdown in global economies and weaker labor market conditions are continuing to hold factories back. The Federal Reserve Bank of Philadelphia’s general economic index came in at -7.1 in August, after registering -12.9 the previous month. Economists surveyed by Bloomberg News had forecast an improved figure of -5.0. A reading below zero signals below-trend factory growth.

The Philadelphia Fed’s Business Outlook Survey is released monthly, and covers business confidence of manufacturers in eastern Pennsylvania, southern New Jersey and Delaware. The forward-looking index is viewed as one of the first monthly indicators leading up to the ISM Manufacturing report.

Business activity remains subdued as global economic weakness, particularly in Europe and China, hampers demand for U.S. goods. Furthermore, persistent high unemployment levels and subdued wage growth continues to weigh on household spending. The Survey revealed that the employment sub-index fell to -8.6 in August from -8.4 the prior month.

USDJPY 1-minute Chart: August 16, 2012

USDJPY_Dips_As_Philadelphia_Fed_Shrinks_More_Than_Forecast_in_August_body_Picture_1.png, USDJPY Dips As Philadelphia Fed Shrinks More Than Forecast in August

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The U.S. dollar slipped against the Japanese yen in the minutes following the release of the Philadelphia Fed survey. The lackluster data does not bode well for future consumption trends, and may add to support for additional monetary measures by the Federal Reserve, which is maintaining a “wait-and-see” approach for the time being. At the time this report was written, the USDJPY pair was trading at 79.13 yen, below pre-data levels.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES