The Philadelphia Manufacturing Index data released by the United States at 7:30 PM WIB has reported a figure of -4.0, significantly below the market expectations projected by Trading Central at a level of 1. Furthermore, this figure remains unchanged from the previous data, which was also recorded at -4.0. This recurring negative number indicates a slowdown in manufacturing activity in the Philadelphia area, serving as a crucial indicator for assessing the overall health of the U.S. industrial sector. Following the release of this data, gold prices have displayed volatility around $3,345, reflecting market reactions to signals of economic weakness.
This situation complicates the monetary policy direction for the Federal Reserve (The Fed), which previously asserted that it would not rush into cutting interest rates and would continue to rely on incoming economic data. While inflation remains a primary concern for The Fed, the release of weak manufacturing data could exert additional pressure on the central bank to consider easing in the future. The volatility in gold following the data release also indicates that investors are starting to reassess the economic outlook of the U.S. and the potential for shifts in monetary policy in the upcoming months.
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