Forex - US Jul Philly Fed 21.8, Initial Claims 216k

 12:36 (GMT) 18 Jul

  [Economic Data]

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US Jul Philly Fed 21.8, Initial Claims 216k (0101-MTDH-C01)

Jul's Philly Fed at 21.8 from 0.3 provides a sharp upside surprise, considerably outperforming the Empire State survey (though that index turned positive after a negative Jun). The breakdown of the Philly Fed shows significant gains in employment, to 30.0 from 15.4, new orders, to 18.9 from 8.3, and six month expectations, to 38.0 from 21.4. This report implies healthy regional manufacturing expansion, though we would be surprised if national data such as the ISM's shows a similarly sharp bounce. Initial claims meanwhile returned to trend at 216k after a dip in the 4 July holiday week to 208k.

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