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US DATA: June Empire index well below expectations -8.6 vs 10.0 Expected
- Drop from May's 17.8 reading largest on record, first negative in over 2 years
- New orders (-12.0), employment (-3.5) both turned negative, shipments slowed
to 9.7
- Prices paid rose slightly to 27.8 vs 26.2 in May
- Other regional data to follow, starting with Philadelphia Fed on Thursday

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