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  • Richmond Fed Manufacturing Index beat the market expectation by a wide margin.
  • US Dollar Index stays in the positive territory on the daily chart.

According to the latest Fifth District Survey of Manufacturing Activity published by the Federal Reserve Bank of Richmond, economic activity in the manufacturing sector of the Fifth District expanded at a strong pace in October with the headline Composite Index rebounding to 8 from -9 in September and beating the market expectation of -14.

“Many survey respondents saw growth in employment and wages in October and expected continued growth in the near term,” the publication read. “However, manufacturers still struggled to find workers with the necessary skills in October and expected this difficulty to persist in the coming months.”

Supported by this upbeat data, the US Dollar Index is clinging to its daily gains near 97.50.