US Empire Manufacturing Jumps, Sending the USD Higher
EUR/USD has reversed lower after the jump in US manufacturing data
Skerdian Meta•Tuesday, February 16, 2021•1 min read
The US Dollar has been on a strong bearish trend for about a year now. We saw an attempt to try and revive the USD in January, but it ended as soon as February started, and the bearish trend resumed again, with the EUR/USD increasing to 1.2170 earlier today. The USD has been bearish throughout February, but the Empire State manufacturing report showed a jump in the activity this month, which sent the USD popping higher.
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US February Empire Fed
- February Empire Fed +12.1 vs +6.0 expected
- Prior was +3.5
- New orders +10.8 vs +6.6 prior
- Prices paid +57.8 vs +45.5 prior — highest since May 2011
- Six month conditions +34.9 vs +31.9 prior
- Employment +12.1 vs +11.2 prior
- Full report
This is a nice rebound after a few months of falling numbers. The bubbling concern is the ongoing rise in prices, but there are good signs as well, with the capex index at 28.6, which is the highest figure in a year. So, the USD has turned bullish for the time being.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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