Dollar weakens against euro after Empire State turns negative

Dollar weakens against euro after Empire State turns negative

17 May 2016, 08:49
Francis Dogbe
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The dollar weakened Monday against the euro and a host of other rivals after Federal Reserve data showed a decline in New York-area manufacturing activity. The euro EURUSD, +0.1945% rose to $1.1331 in recent trade, up from $1.1308 late Friday in New York, after the Empire State general business conditions index plummeted to a reading of negative 9 for early May, down from 9.6 in April. However, Adam Cole, head of G-10 currency strategy at RBC Capital Markets, said investors wouldn’t read too much into the May data because it’s often volatile month to month. The Empire State index, which is released by the New York Fed, followed ... READ MORE
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