January 17, 2017
Empire State isn't on fire but the data are pointing to strength for January's manufacturing sector, in what may be a good omen for tomorrow's industrial production data and a positive indication for Thursday's Philly Fed report.
Big gains for the pound and euro, following a speech from Theresa May who indicated that the UK will seek a clean break from Europe, made for a big decline in the dollar index which fell 1.2 percent to 103.34. Demand for Treasuries rose with the 10-year yield down 6 basis points to 2.33 percent. Stocks edged lower with the Dow down 0.3 percent to 19,826 while gold caught a bid, up $20 to $1,215.