Empire State Manufacturing Index Actual -4.6, Expected -12.1, Previous -14.7
Release Explanation: The Empire State Manufacturing Index is a survey of Manufacturing activity in the Fifth Federal Reserve District (It covers New York  State,the 12 northern counties of New Jersey and Fairfield County in Connecticut.). It attempts to index economic activity by polling participants in regards to shipments, new orders, capacity utilization, employment, inventory, and raw materials. The Economic impact of the data has declined over the last two decades as manufacturing activity in the region moves to less expensive areas.  However, like the other regional indexes, it will feed into the GDP release.  
GDP is directly affected by the manufacturing activity in the country, of which the New York region is a component off.  Durable goods and other releases such as Industrial output can be affected by the Richmond Fed activity. The currency may experience a slight movement on the release, but the significance of the data will be filtered down to Durable Goods and GDP, where the impact may be more significant.
Trade Desk Thoughts: Manufacturing in the New York region weakened only modestly in May, the Federal Reserve Bank of New York said today. Although negative, the general business conditions index rose 10 points to -4.6, its highest level since August of 2008. 
The new orders index fell several points and remains below zero, while the shipments index inched into positive territory. The inventories index remained negative but rose from last month’s record low.
Employment indexes indicated further contraction in employment levels and in the average work week. Future indexes improved substantially for a second consecutive month. The future general business conditions index rose 11 points to its highest level since September. 
Forex Technical Reaction: S&P futures have improved slightly since the release but remains in negative territory. Since the 08:30 EDT releases the dollar has weakened in the broad market.