US: NY Fed Empire State Manufacturing Index slumps to -32.9 in January vs. -4.5 expected

• NY Fed Empire State Manufacturing Index dropped sharply in December.
• US Dollar (USD) holds steady and reacts little to the dismal macro data.

The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing survey deteriorated further and plunged to -32.9 for January. The reading was well below consensus estimates pointing to a slight improvement to -4.5 from -11.2 in December

Market reaction

The US Dollar (USD), meanwhile, reacts little to the dismal macro data and flat-lines below the 102.00 mark, awaiting fresh catalyst before the next leg of a directional move.