Empire Survey falls to record low in November. Dollar is lower in forex trading. | CountingPips Forex Blog

November 17, 2008 - Forex Economic News

Empire Survey falls to record low in November. Dollar is lower in forex trading.

New York manufacturing activity fell in November according to data released today by the New York Federal Reserve. The Empire State Manufacturing Survey showed that the general business index in New York edged down by 0.8 points to a -25.43 point score and establishing a new record low for the index. The November survey score was above market forecasts expecting a -26.00 score following a -24.60 score in October. The new orders index dipped in November USD falls in Foreign Exchange Trading by 1.7 points to a -22.2 score, the shipments index also fell to a -13.9 score and the unfilled orders index declined to -24.1.

Future outlook index levels were also downbeat as the future general business index fell by 11 points in November and future prices paid index dropped 15 points. Future employment, future shipments and future capital expenditures also all moved downward for the November index. The Empire State Manufacturing Survey is a monthly business assessment of New York State manufacturers produced by the New York Federal Reserve.

Forex - US Dollar falls in trading against most majors.

The U.S. dollar has been losing ground today in the forex market as the American currency has declined against the euro, pound, aussie, yen, kiwi and Canadian loonie in trading. The euro has increased from today's opening rate of 1.2564 to trading at 1.2649 dollars per euro near the end of the US trading session at 4:52pm ET. The British pound has gained from today's opening exchange rate of approximately 1.4741 dollars per pound to trading at approximately 1.4992. Also gaining ground verses the dollar today is the aussie dollar at 0.6490 from 0.6472 and the Canadian loonie at 1.2259. The U.S. dollar has declined today against the Japanese yen as the USD/JPY has dropped from its 97.33 opening exchange rate to trading at 96.45 yen per dollar. Against the Swiss franc today, the dollar has been virtually unchanged and trading at the exchange rate of 1.1985.

USD/CHF Chart - The US Dollar has been virtually unchanged today against the Swiss Franc but is trading at its highest level verse the franc since September 2007(Daily Chart).

Today's Forex & Currency Trading Chart

tags: manufacturing survey, forex trading market, empire state

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