Why today's Philly Fed report is not as strong as it seems
Today's figures from the Philadelphia Federal Reserve appear bullish at first glance, but a closer examination reveals some mixed signals amidst a decidedly end-of-cycle overall tone.
Head of FX Strategy, Saxo Bank Group
Summary: A squeeze on long USD positioning over the last couple of sessions picked up pace overnight as US President Trump teased the market by supposedly ordering a draft of a US-China trade deal. This wouldn’t have anything to do with next Tuesday’s mid-term elections, would it?