US Empire Fed Falls to +5.7 vs +14.0 Expected

The Empire Fed manufacturing index dropped sharply to +5.7 in June, missing expectations of +14.0 and down from May's +19.6. New orders and shipments also declined significantly, while supply availability hit its lowest level since June 2022. The weaker-than-expected manufacturing data could weigh on USD pairs as it suggests slowing economic momentum in New York state. Traders should watch for potential USD weakness, particularly against safe-haven currencies like JPY and CHF.