USD rises on better-than-expected Empire State Manufacturing survey

LONDON (Thomson Financial) - The dollar strengthened a touch after the New York Federal Reserve Bank's manufacturing survey showed business conditions did not worsen as much as expected in November.

The New York Federal Reserve Bank's Empire State Manufacturing Index was essentially steady in November, showing current conditions dipping only slightly to a 27.37 reading after a revised 28.75 in October, and above expectations for a sharper pullback to 19.00.

Within the survey, the prices paid index rose, to 42.86 from 36.05, it's highest level since 44.26 in August last year.

The strong survey offset a bigger-than-expected increase in jobless claims.

The Labor Department said initial claims for unemployment insurance in the US rose to their highest level in a month, to 339,000 new claims for the week ending Nov 10, an increase of 20,000 from the prior week. Economists were expecting 320,000 new claims.


Source: http://www.hemscott.com/news/latest-news/item.do?newsId=53878217443098