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Empire state offers little reprieve for USD


  • Empire state manufacturing (9.8) comes in below both expected and prior readings 
  • Notable divergence between Empire state and ISM equivalent
  • US dollar has been under pressure recently and today’s release will do little to support it

On a day when the economic calendar is light the main release of the afternoon is arguably the Empire state manufacturing index. Whilst this data point isn’t normally considered a major one the weaker than expected print has done little to aide the recent woes of the buck. 

A print of 9.8 was well below the 15.2 expected and marked a sharp contraction on the 19.8 seen last time out. The prior reading was in fact the highest of the year and given the rise seen in other, more widely followed, manufacturing indexes today’s number could be seen as an early warning sign.

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 There has been a sharp divergence seen in the recent Empire State Manufacturing and ISM equivalent. These two ave historically exhibited a high degree of correlation and whilst the more widely viewed ISM remains robust the weakness in today’s number could be seen as a sign of caution.

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 The past week has seen some significant weakness in the US dollar with only the Cryptocurrencies showing notable declines against the Greenback. 





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