According to the recent release of the Philly Fed Manufacturing Index, the index showed the U.S. economy is presenting signs of improvement in manufacturing conditions, compared with the previous month’s report; the October Philly Fed index inclined from -17.5 in September to +8.7 in October. The new orders index also gained 19 points and returned to positive territory. Prices of manufacturing goods remained steady. Currently, the US stock markets are traded slightly up.
This index was negative in the past three months, so that this report is the first positive reading in said time span. If this indicator reflects an estimate of the U.S GDP growth rate, it may suggest that the U.S GDP in the fourth quarter will improve than in previous terms.
In the previous month, the news of the Philly Fed Manufacturing Index may didn’t seem to affect the markets perhaps as the report didn’t show much of an improvement. Currently the financial markets seem to start picking up with the American stock markets including the S&P500 and Dow are slightly rising, while silver and gold prices are traded down.
Current gold price, short term futures (November 2011 delivery) is traded at $1,623.1 per t oz. a $23.9 decrease or 1.45%, as of 15:32*.
Current silver price, short term futures (November 2011 delivery) is traded at $31.15 per t oz. a $0.127 decrease or 0.41%, as of 15:33*.
Current Nymex crude oil price, short term futures (November 2011 delivery) is traded down by 0.45% to $85.72 per barrel as of 15:34*.
Euros to US Dollar exchange rate is currently traded down by 0.2278% to 1.3729 as of 15:01*.
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