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Empire State a big miss USD remains weak

Market Analysis

USDJPY, H4      

U.S. Empire State manufacturing index dropped to 5.2 in April, falling 11.2 points after sliding 2.3 points to 16.4 in March. The 18.7 print for February was the highest since September 2014. It was at -5.5 in October. However, the components were mixed. The employment index rose to 13.9 from 8.8, though the workweek slid to 8.8 from 15.0. New orders declined to 7.0 from 21.3. Prices paid edged up to 32.8 from 31.0, while prices received were 12.4 from 8.8. Capital spending rose to 27.7 from 23.9.

It’s another data miss for the USD and the pressure continues; USDJPY traded below 108.20 in early trades this morning before recovering to 108.60 , EURUSD touched 1.0650 and Cable traded over 1.2550 in low volume, holiday thinned trading.

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Stuart Cowell

Senior Market Analyst

HotForex

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