• NY Fed Empire State Manufacturing Index rose sharply in November.
• US Dollar (USD) stays under stroıng selling pressure on Tuesday. 

The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing survey improved sharply to 4.5 in November from -9.1 in October. This reading came in much better than the market expectation of -5.

"New orders decreased slightly, while shipments expanded modestly," NY Fed noted in its publication.

"Labor market indicators pointed to a solid increase in employment and a longer average workweek. Input prices increased at about the same pace as last month, while selling price increases picked up. Looking ahead, firms expect business conditions to worsen over the next six months."

Market reaction

The relentless US Dollar (USD) selloff continues in the early American session and the US Dollar Index was last seen losing 1.4% on the day at 105.45.