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USD Down on Empire State Manufacturing As 'Septaper' Intensifies

USD Down on Empire State Manufacturing As 'Septaper' Intensifies

Benjamin Spier, Technical Strategist
  • Empire State Manufacturing survey drops to a four month low
  • US releases under scrutiny ahead of possible ‘Septaper’
  • US Dollar declines

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The Empire State Manufacturing Survey unexpectedly fell to a 4-month law and sent the US Dollar 10 to 15 pips lower against majors like the Euro and Yen. The New York based manufacturing survey was reported at 6.29 for September, disappointing expectations for 9.10 and down from 8.24 in August.

The reaction may have been augmented by US Dollar traders’ sensitivities to all US economic news in the days before the possible announcement of a taper of quantitative easing. The US industrial production release at 13:15 GMT may have even more of an impact on greenback trading, if the release deviates from expectations.

The Euro has risen twenty pips against the US Dollar since the release, and the pair is trading around 1.3375 at the time of this writing. The pair may see resistance by a 7-month high, currently sitting at 1.3451.

New to Forex? Watch this video

EURUSD Daily: September 16, 2013

US_Dollar_Declines_on_Empire_State_Manufacturing_As_septaper_Effect_Intensifies_body_eurusd_daily_chart.png, USD Down on Empire State Manufacturing As 'Septaper' Intensifies

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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