Philly Fed solid details, goes with the grain
Market focused on follow through and levels
Pretty firm US data again, with the Philly Fed bouncing especially on new orders, capex expectations firm as are prices paid. Initial claims steady if with some rise in continued claims the prior week. Data is with the grain, although in terms of markets, US2s had already re-tested and held the post FOMC yield spike highs into the data and so some backing off that resistance.
Similar technical trade elsewhere with EUR/USD for instance tagging and so far inched back off the 1.1450/40 prior hourly lows too. 1.14~ area is below that on a next stretch. At the moment, market focus is very much orientated back towards the US outperformance and exceptionalism story, at least as a momentum trade