FXstreet.com (Barcelona) - Business activity has improved against expectations in the Philadelphia area in August, as the Philadelphia Fed Index rose to 4.2 from -7.5 in Jul, against the market expectations of a milder improvement, to -2.0%.

GBP/USD has jumped from 1.6495 to levels above 1.6500, reaching 1.6525 immediately after Philadelphia Fed data was released, although the Pound returned below 1.6500 afterwards. EUR/USD jumped to 1.4245 to drop back to levels around 1.4215 and the USD/JPY went from 94.20 to 94.40 and back.