After easing to a fresh session low at 112.33, the USD/JPY is making a modest recovery despite the USD weakness as investors turn their attention to equity indexes. At the moment, the pair is trading at 112.83, gaining 0.25% on the day.
Today’s only macro data from the U.S. revealed that the Empire State Manufacturing Index, released by the Federal Reserve Bank of New York, dropped to 9.8 in July from 19.8 in June, suggesting that the optimism in the industry started to fade. The US Dollar Index, which was able to rise to 95.12 in the early European session, lost its strength and refreshed its lowest level since early September at 94.80 in the NA session. As of writing, the index is at 94.90, where it closed the previous week.
NY Fed: Headline general business conditions index fell ten points to 9.8
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