The report showed that Texas factory operations steadied in December following a decline in November.
On December 26, the Dallas Federal Reserve Bank published the Dallas Fed Manufacturing Index report, which revealed a decrease from -19.9 in November to -9.3 in December, surpassing the analyst consensus of -20.5.
The report noted that Texas factory activity stabilized in December after experiencing a contraction in November. The Production Index saw an improvement from -7.2 in November to 1.4 in December. Similarly, the New Orders Index exhibited growth from -20.5 to -10.9, and the Company Outlook rose from -18.8 to -11.0.
Following the report's release, longer-term Treasury yields remained mostly unchanged, indicating minimal movement by bond traders post-Christmas. The U.S. Dollar Index settled close to 101.60, showing continued weakness as traders anticipated a dovish stance from the Federal Reserve.
Gold prices stayed below $2060 as traders awaited potential market-moving developments. Furthermore, gold bulls remain focused on the vulnerability of the U.S. dollar.
The SP500 retraced from its session highs as traders responded to the positive report. It appears that the SP500 requires stronger driving forces to surpass recent highs at 4787.
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