Philadelphia Fed Employment comes in at 10 against -7.5 consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
The Philadelphia Fed Employment index for July 2026 was released at 10. This figure significantly exceeded the consensus estimate of -7.5, representing a 233.3% surprise. The previous month’s reading was 7.9.
Following the release, the US Dollar showed varied movement against major pairs over the first 15 minutes. USDJPY gained 9.3 pips and USDCHF gained 9.4 pips. In contrast, EURUSD fell 12 pips, AUDUSD fell 5.7 pips, NZDUSD fell 8.1 pips, and GBPUSD fell 3.5 pips. USDCAD saw a minor decline of 0.2 pips. Gold, XAUUSD, dropped 240 pips. For context, the median 1-hour move for EURUSD after past releases has been 9 pips, for USDJPY 11 pips, and for XAUUSD 28 pips. The 15-minute moves for most pairs, such as AUDUSD’s 5.7 pips and GBPUSD’s 3.5 pips, were smaller than their respective median 1-hour moves of 7 pips and 12 pips.