NY Fed's Empire State Manufacturing Index rebounds to 4.3 in July, DXY stretches higher

• NY Fed Empire State Manufacturing Index improves in July.
• US Dollar Index inches higher toward the 97 mark. 

The Federal Reserve Bank of New York's monthly report revealed that the business activity in the manufacturing sector in the NY area expanded at a more robust pace than expected with the headline Empire State Manufacturing Index jumping to 4.3 in July from -8.6 in June and beat the market expectation of 2.

With the initial market reaction, the US Dollar Index edged higher and was last seen adding 0.15% on the day at 96.87.

"Indexes assessing the six-month outlook were generally somewhat higher than they were last month," the publication read. "The index for future business conditions increased five points to 30.8, and the index for future new orders also moved higher."