EUR/USD flows: Philly Fed stalls, claims steady, no change in mkt focus

Philly Fed survey offers a somewhat chequered picture with more definitive stalling in business conditions (-0.4 from 26.7) and new orders (-1.7 from 33) though also some apparent resilience in 6-month business expectations (53.2 from 40.8). Whether the latter reflects hopes, misguided or not, the Iran situation will fade - to be determined. Capex plans drop back but still elevated.  Prices also notably and perhaps surprisingly drop back (paid 47.9 from 59.3) which seems unlikely to last. Housing starts and permit levels a little above market and claims data remains stable. Nothing here to really move the needle. PMI data due up next.