New York Manufacturing Survey Disappoints Again
15 Dec 2020
The economy of New York state continued to stumble in December as the pandemic surged and new restrictions were placed on businesses in the state with the third largest economy in the U.S.
The Federal Reserve Bank of New York said its Empire State Manufacturing Index’s gauge of general business conditions slid in December to 4.9 rom 6.3. Economists had forecast the index to decline to 5.8. Despite the decline in the general conditions index, the score remains in positive territory, an indication that business activity increased slightly in December.
Employment posted its strongest gain in months, as the share of manufacturing businesses reporting smaller workforces declined from 10.8 percent to 6.3 percent. The share reporting larger workforces ticked up to 20.5 from 20.2 percent. The average workweek lengthened somewhat.
12/15/2020 12:33:22 PM GMT | By Haresh Menghani
USD/JPY met with some fresh supply on Tuesday and reversed the overnight modest recovery gains.
COVID-19 jitters benefitted the safe-haven JPY, hops for more US stimulus weighed on the greenback.
Investors look forward to US economic releases for some impetus ahead of the FOMC policy meeting.
The USD/JPY pair edged lower through the mid-European session and refreshed daily lows, around the 103.90 region in the last hour.
A combination of factors failed to assist the pair to capitalize on the previous day s goodish bounce from over one-month lows and an early uptick to the 104.15 region. The recent optimism about the rollout of vaccines for the highly contagious coronavirus disease was overshadowed by worries about the continuous surge in new cases and the imposition of new lockdown restrictions.
Dec 15, 2020 14:52 GMTFXStreet News
EUR/USD struggled to capitalize on its intraday uptick and remained below YTD tops.
The intraday pullback remained limited amid a softer tone surrounding the greenback.
Investors might refrain from placing aggressive bets ahead of the FOMC policy meeting.
The EUR/USD pair dropped around 40-45 pips in the last hour and refreshed daily lows, around the 1.2120 region, albeit lacked follow-through selling.
The pair struggled to capitalize on its intraday positive move to the 1.2165 region and once again, started retreating from the vicinity of YTD tops set earlier this month. This, in turn, might have prompted some long-unwinding trade and was seen as a key factor behind the latest leg of a sudden drop.
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Forex Today: Gold recovers on US stimulus hopes, dollar off the highs, Brexit, vaccine news eyedNEWS |
12/15/2020 6:45:40 AM GMT | By Yohay Elam
Here is what you need to know on Tuesday, December 15:
The dollar is stable after gaining late on Monday amid a minor drop in markets. Investors still await a US fiscal deal after Joe Biden was formally nominated President while intense Brexit talks continue. Lockdowns and vaccine developments are eyed.
US fiscal stimulus: US Senate Majority Leader Mitch McConnel said it is time to find consensus on COVID-19 relief He has so far been reluctant to move. House Speaker Nancy Pelosi told Treasury Secretary Steven Mnuchin that the remaining issues could be resolved quickly. The optimism helped gold come off the lows. The Electoral College formalized President-elect Joe Biden s victory in a smooth process.
12/15/2020 7:47:45 AM GMT | By Haresh Menghani
AUD/USD found some support near the 0.7500 and stalled its corrective slide from multi-year tops.
Hopes for more US fiscal stimulus kept the USD bulls on the defensive and extended some support.
Bulls lacked conviction ahead of the latest FOMC monetary policy meeting, starting this Tuesday.
The AUD/USD pair managed to rebound around 20 pips from Asian session swing lows to three-day lows and was last seen trading around the 0.7525 region, nearly unchanged for the day.
The pair attracted some dip-buying ahead of the key 0.7500 psychological mark and for now, seems to have stalled its retracement slide from two-and-half-year tops set in the previous session. Growing market worries about the continuous surge in new coronavirus cases and the imposition of new restrictions overshadowed the optimism over the rollout of vaccines for the highly contagious disease. This, in turn, was seen as a key