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US empire index tumbles in December but Williams sends USD/JPY back above 142

The latest New York Fed manufacturing index has just been released and it was not good. The index was expected to drop back from a prior reading of 9.1, to around 2. It has actually dropped to -14.5 and that is the lowest headline reading since August. However, the USD/JPY has not actually moves much on this news. In fact it has risen. I am looking at the screens and blinking at that, but sometimes the markets do not always react to this data the way you might expect. US stock futures have dipped ever so slightly on the news.I suppose we have to remember this is a regional reading at the end of the day. In addition to that and perhaps more importantly the Feds Williams has just walked back on the prospect of rate cuts. He has just said, the Fed is not really looking at rate cuts at the moment. The USD/JPY has now shot above 142 on his comments 

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