Today is not a day rich in significant economic data. The most | 💹 Review ELM EA [Results]

Today is not a day rich in significant economic data. The most important one is the Empire State Manufacturing index, with its April estimate well above expectations. The New York Fed index rose to 10.8 from -24.6 a month earlier, though only a slight increase to -17.7 was expected.

Readings above 0 indicate an increase in activity and current levels are the highest since last July.

While this indicator has been quite volatile in recent years, in a quiet market its sharp improvement over expectations has supported expectations for further rate hikes.

In early U.S. trading, the interest rate futures market noted an 87% chance of a 25 basis point hike, up from 78% last Friday and 72% the week before. In turn, this reassessment of the outlook supports demand for the dollar, which is benefiting from higher rates.

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