The Philly Fed Business Outlook Survey measures the level of a diffusion index based on surveyed manufacturers in Philadelphia. Forex traders pay particular attention to this Index as business react quickly to market conditions, changed in their sentiment can be early signals for future economic activity including spending, hiring and investment.
Philly Fed Manfucaturing Index was released with tougher than expected results. Previoud month's Index was relesed at 3.9; this month economists expected the Index to be announced at 7.1; instead the news came out at 7.7.
EUR/USD is trading at 1.4144, a little better than earlier in the day when it was trading mostly in the 1.40 line.
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