Investing.com - Manufacturing activity in the Philadelphia-region expanded at the fastest rate since December 1993 in November, fuelling optimism over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a reading of 40.8 this month from October’s reading of 20.7.
Analysts had expected the index to decline to 18.5 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The current new orders index, which reflects the demand for manufactured goods, increased 18 points, to 35.7.
The current employment index rose 10 points in November, to 22.4, and hit a 3½ year high.
EUR/USD was trading at 1.2526 from around 1.2554 ahead of the release of the data, while GBP/USD was at 1.5703 from 1.5729 earlier.
Meanwhile, U.S. stock markets were turned mixed. The Dow 30 fell 0.15%, the S&P 500 dipped 0.1%, while the Nasdaq 100 tacked on 0.15%.
Elsewhere, in the commodities market, gold futures traded at $1,187.20 a troy ounce, compared to $1,192.40 ahead of the data, while crude oil traded at $75.21 a barrel from $75.04 earlier.