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In what could be a sign of a turnaround in the US manufacturing sector, the Philly Fed manufacturing index rose to a 3-year high in February. The index jumped from 17.0 in January to 36.7.
A positive reading indicates expansion in the sector. The data also surprised the consensus estimates which forecast a decline to 12.0.
German Producer Prices Rise in January
Producer prices in Germany grew 0.2% on the year in January. This reverses the 0.2% decline in December.
The gains came on a 3.6% increase in durable consumer goods. On a month over month basis, producer prices were up 0.8% after a 0.1% increase in the previous month.
Is the EURUSD Showing Signs of Bottoming?
The common currency is trading a bit weaker, but the momentum is clearly slowing. Price action remains anchored to the lows at 1.0790 for the past three sessions.
There is a modest increase in the Stochastics oscillator, but this exposes the r...
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