FXstreet.com (Barcelona) - Economic conditions for manufacturers in the NY Fed Area have improved considerably in July, as the NY Fed Manufacturing Index rose to 12.77 points from -0.55 in July, the highest level since November 07.

This is the first increase on the NY Fed manufacturing Index in more than a year, and it has p4rovided some hope to the markets, favouring Euro and Pound which had been going through sharp declines.

EUR/USD decline from levels around 1.41200 has reached a 3-week low art 1.405, and the pair has bounced after NY Fed Index to levels around 1.4090.

GBPUSD which has declined from 1.6500 to a fresh 4-week low at 1.4275, has bounced to levels right above 1.6300 after the release of NY Fed manufacturing Index data.