Dollar slips on New York data

Ben Southwood
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THE DOLLAR slipped further against the yen yesterday after a measure of manufacturing activity in New York State came in much lower than expected.

The Empire State manufacturing index fell to minus 10.41 in September from minus 5.85 last month. Economists had expected an improvement to minus two, according to a Reuters poll.

The dollar fell to ¥78.32, compared with ¥78.42 before the data was released.

The sub index for new orders, which indicates future activity, fell even further, from minus 5.5 to minus 14.03, while hours and employment also fell sharply.