He New York Fed report on general business conditions in the manufacturing sectoror the New York region (Empire) showed a drop in the general index from 4.9 in December to 3.5 in January. ANDThis was surprising as the market consensus was for a rise to 6.
The new orders index advanced three points to 6.6, while the shipments index fell to 7.3. The employment rate fell to 11.2. The expectation score was 31.9, showing that the sector is optimistic about the future.
He dollar initially it fell back after the economic reports were known, but then it gained momentum and advanced strongly before a fall in the stock markets. At the same time, there was a drop in retail sales and a lower-than-expected reading in producer inflation. In minutes the industrial production report for December will be published and later the preliminary reading of consumer confidence for January from the University of Michigan.
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