US Empire State manufacturing index dropped sharply to 10.9 in December, down from 23.3 and missed expectation of 20.1. That’s also the lowest level since May 2017. Another point to note is that 6-month forward looking indicator also dropped to 30.6, down fro 33.6. Growth was “noticeably slower than in recent months” with deteriorating optimism.

Full release here

Dollar drops notably against Swiss Franc and Yen after the release. The sharp decline in USD/CHF today argues that rebound from 0.9862 might be completed at 0.9989 already. As break of 0.9911 will bring retest of 0.9862 low.

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