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  • ISM-NY Business Conditions Index recovered sharply from record lows.
  • US Dollar Index fell below 97.50 in American session. 

Business Conditions Index for the New York area rose to 19.5 in May from an all-time low of 4.3 in April, the Institue for Supply Management (ISM) New York reported on Tuesday.

“The Six Month Outlook rose 21.6 points to 48.0 in May, up from the all-time low of 26.4 in April,” the publication further read. “Employment, a seasonally adjusted index, rose 4.7 points to 33.9, up from 29.2 in April.”

Market reaction 

Market sentiment remains upbeat after this data with the greenback continuing to weaken against its major rivals. As of writing, the US Dollar Index was down 0.35% on the day at 97.48.