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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- The Empire Fed manufacturing index continued its highly volatile run in June, bouncing to +6.6 (cons -15.1) from -31.8 to back closer to April’s +10.8. It has a monthly standard deviation of 20pts from 2021-onwards.
- The Philly Fed equivalent meanwhile was almost exactly as expected, dipping from -10.4 to -13.7 but off the particularly weak patch averaging -26 through Feb-Apr.
- Taken together, it’s hard to know what to make of the trend with more regional Fed mfg surveys to come although we'd lean more towards the Philly Fed survey showing no further improvement.
- One notable point however is that the six-month ahead measures of both surveys increased to their highest since Mar’22.
- Forward-looking details:
- Empire: “New orders and shipments are expected to increase modestly, and employment is expected to expand. After falling close to zero last month, the capital spending index increased only seven points to 8.0, suggesting that capital spending plans remained soft.”
- Philly: “The future new orders index increased 16 pts to 14.1 […] On balance, the firms continued to expect increases in employment over the next six months[…] The future price indexes suggest that firms expect price increases over the next six months, but both indexes declined and remained below their long-run averages. The future capital expenditures index increased from 2.5 to 9.9, its highest reading since January.”
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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