Philly Fed Manufacturing Index improved modestly in January.

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• Philly Fed Manufacturing Index improved modestly in January.
• The US Dollar fails to gain any respite and remains depressed.

The Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey’s diffusion index for current general activity improves to -8.9 in January from -13.8 in December. This print comes in better than market expectations, though does little to provide any meaningful impetus.

The US Dollar remains on the defensive amid rising bets for a less aggressive policy tightening by the Fed, though a fresh wave of the global risk-aversion trade helps limit the downside.

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