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April 13, 2024

Dallas Fed Manufacturing Index Improves To -11.3, Missing Analyst Expectations

Dallas Fed Manufacturing Index Improves To -11.3, Missing Analyst Expectations

The New Orders Index increased from -12.5 in January to 5.2 in February, its first positive reading since May 2022. Capacity Utilization improved from -14.9 to -1.0, while Production Index increased from -15.4 to 1.0.

Today, traders also had a chance to take a look at New Home Sales report for January. The report indicated that New Home Sales increased by 1.5% on a month-over-month basis, compared to analyst consensus of +0.9%.

U.S. Dollar Index settled near the 103.80 level after the release of the Dallas Fed Manufacturing Index report. Treasury yields are moving higher, but forex traders ignore this move.

Gold pulled back below the $2030 level as traders ignored U.S. dollar’s pullback and focused on rising Treasury yields. From a big picture point of view, gold markets need additional catalysts to move higher.

SP500 remains stuck near the 5090 level as traders prepare for a test of the 5100 level. Dynamics of tech stocks remain the key driver for SP500 and other major indices. At this point, the stock market does not show strong reaction to the economic reports as traders stay focused on tech stocks.

For a look at all of today’s economic events, check out our economic calendar.

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