USD: Empire State business conditions index at highest level since September 2014

The US dollar made some slight gains against the euro and sterling yesterday following a relatively quiet day for conomic data in those regions. There was some positive news from the US as the New York manufacturing survey came in above expectations.

The Empire State business conditions index came in at 30.2 in October against an expectation of 20.7. Given that the September reading was 24.2 the figure moved in the opposite direction to what people thought. Indeed, it is the highest level seen since September 2014. This news should fuel increased expectations of a US interest rate rise in December.

Today sees the release of the industrial production figures, manufacturing production, and the housing market index.