The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey released yesterday beat analysts' expectations, coming in at -10.4 versus a forecast of -22.
On the heels of Federal Reserve Board Governor Michelle Bowman, Chicago Fed President Austin Goolsbee and Cleveland Fed President Loretta J. Mester announced that it's still too soon to talk about dropping interest rates.
On Friday, Michelle Bowman, a member of the Federal Reserve's Board of Governors, stated that the regulator would have to make another rate hike if inflation remains high.
The producer price index data released yesterday showed that it had risen less than analysts had predicted and that initial unemployment claims were higher than expected.
US labour market data released on Tuesday showed that the number of new jobs dropped while layoffs and discharges rose to their highest point in over two years.
The Reserve Bank of Australia's unexpected decision to raise its interest rate from 3.6% to 3.85% provided support to the Australian dollar, allowing it to strengthen despite a general reduction in investors' risk appetite.