The Philly Fed survey rebounded a bit in December, coming at -32.9 from -39.2. The market was looking for a continued dip to -40.0. The data is crappy, just less crappy than last month. Small consolation.
Dealers report good buying from asset managers below the 1.4400 level on this latest dip. They could help provide a floor in the near-term as EUR/USD consolidates its first decent set back in days. We trade now at 1.4415.