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BREAKING: USD drops after New York Fed index slumps

1:30 PM 15 May 2023

New York Fed manufacturing index for May was released today at 1:30 pm BST. Release was closely watched as this index surprised with a big jump last month and clearly stood out among other regional indices. Market expected report to show -2.5 after 10.8 reported for April. However, actual data showed a massive slump to -31.8! This was the lowest reading since January 2023 and the largest single month drop since April 2020.

USD as well as equity indices dropped following the release. EURUSD tested 1.0890 area while US500 dropped to 4,145 pts.

EURUSD at 5-minute interval. Source: xStation5

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