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Philadelphia Fed Manufacturing hits six year high

EURUSD News by Allie Longford on 09:06 February 16, 2017 EST

Optimism is on the air as The Philadelphia Federal Reserve Bank manufacturing survey rose to 43.3 in February, following an increase to 23.6 the previous month, the highest level since 2011.

Economists expected the measure of mid-Atlantic manufacturing to hit 18.0 for the month, a slight fall from the 23.6 reading in January.

The Federal Reserve Bank of Philadelphia said: “Results from the February Manufacturing Business Outlook Survey suggest that growth in regional manufacturing is broadening. The diffusion indexes for general activity, new orders, and shipments were all positive this month and increased notably from their readings last month. The surveyed firms continued to report growth in employment and work hours."

“Although they moderated from last month, the future indexes for growth over the next six months continued to reflect a high degree of optimism” it added.

Stocks steady after steady after gains earlier in the week and the dollar gives way against the Euro and Gold.