: The Philadephia Fed survey of Business Conditions fell to -17.1 in June from -15.7 in May. As we said on our previous Usd/Jpy post, the consensus forecast of -10 always seemed a little optimistic. The
details are a perfect storm of low growth and high inflation. On the growth front, the slippage in New Orders to -12.4 from -3.7, and employment to -6.9 from -1.0 are worrying developments, but it's
the rise in prices paid to 69.3 from 53.8, its highest level in 28 years, that will dominate the headlines. The six month expectations are also poor especially the capital expenditure outlook which
fell to 3.8 in June from 19.9. Something for everyone in this report. The mixture has tempered the Dollar sell off with Eur/Usd easing 10 pips or so to 1.5480, while Usd/Jpy edges back to 107.85.