Atlanta Federal Reserve President Raphael Bostic said on Friday that monetary policy is in the right place given the economic outlook. He added he may support holding interest rates steady for about 8 to ten months.
In an interview with Bloomberg TV, Bostic mentioned that he does not see a recession ahead. “I welcome more moderate wage gains”.
Market reaction
The US Dollar is holding onto daily and weekly losses following the Nonfarm Payrolls report and as expectations that the Federal Reserve is done raising interest rates. The DXY is hovering around 105.10, on its way to the lowest weekly close since September.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
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Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
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