Federal Reserve Bank of Cleveland President Loretta Mester told the Financial Times that she didn't think that the Federal Reserve was near a pause in interest rate rises. Mester noted that she would need to see several more good inflation reports and more signs of moderation.

"It’s very easy to be caught out by the good news, but we don’t want wishful thinking to take the place of really compelling evidence", Mester explained and added that costs of stopping too early would be too high.

Market reaction

The US Dollar Index,  which dropped to a multi-month low of 105.32, has gone into a recovery phase in the early American session and was last seen losing 0.12% on the day at 105.94.