• NY Fed's Empire State Manufacturing Index fell sharply in March.
• The dollar continues to weaken against its rivals in the early American session.

The data published by the Federal Reserve Bank of New York revealed on Tuesday that the Empire State Manufacturing Index declined to -11.8 in March from 3.1 in February. This print missed the market expectation of 7.25 by a wide margin.

"Business activity declined in New York State for the first time since early in the pandemic, according to firms responding to the March 2022 Empire State Manufacturing Survey," the publication read. "The prices paid index remained very elevated, and the prices received index reached yet another record high."

Market reaction

The greenback stays under pressure after this report and the US Dollar Index was last seen losing 0.4% on the day at 98.70.